But employees of the mid-market lender can rest assured their jobs are safe for the remainder of the year, GE Antares spokesman Ned Reynolds told peHUB.
Reynolds said no layoffs have taken place this month and no layoffs will occur in December. This conflicts with a recent report from The Deal, which stated the 120-person business would cut 20% of its work force the week of December 8.
I’d also heard those rumors but Reynolds assured me that GE Antares has not and will not lay off any employees this month. “I’m not sure what was true a week ago but it’s not true today,” he said.
GE Capital has basically been on the sidelines for new deals for the past quarter but hasn’t backed out of any commitments, peHUB reported in November. Sources have said the lender plans to return to market in January.
The return to market will likely be with a diminished deal team, since $2 billion in cuts has to include a decent chunk in the personnel department. The Deal story noted that GE Capital had laid of between 50 and 70 people at its healthcare financial services group, according to a source.
The company’s announcement of cuts in November said GE Capital would comprise 30% of its parent company’s revenues going forward, down from the 50% it currently brings in.
The Deal: Layoffs expected at GE Antares (sub req.)