GE Capital Cutting Up To 11,000 Jobs – Report

(Reuters) – General Electric Co’s GE Capital unit will cut between 7,000 and 11,000 jobs, the CNBC television channel reported on Friday, citing sources.

GE had said it would reduce costs at GE Capital by about $2 billion this year, according to the report.

A GE spokesman did not immediately return calls seeking comment.

GE shares, part of the Dow Jones industrial average, were down 33 cents or 2.4 percent at $13.44 in afternoon trading on the New York Stock Exchange.

The shares lost about half their value last year as the credit crunch took a heavy toll on GE’s hefty finance business, and last month Standard & Poor’s lowered its ratings outlook on the company to “negative,” meaning that it had a one-in-three chance of losing its top-tier rating over the next two years.

(Reporting by Nick Zieminski, editing by Leslie Gevirtz)