GE Money set to shed 65 jobs in its Irish operation

GE MONEY expects to lay off approximately 65 of its 280 staff as a result of a restructuring of its operations in Ireland, it announced yesterday.

The job losses are expected to occur in Shannon (50) and Dublin (15), though the eventual numbers to be let go will not be known until the completion of a consultation process.

The company is to end all remaining GE Capital Solutions insurance premium and equipment finance products in Ireland. There will also be a reduction of the size of the firm’s collection teams because of lower anticipated levels of activity, reducing portfolios and decreasing workloads. There is also to be a downsizing of some other functions arising from the reduced overall business activity.

GE Money told staff it is to begin a consultation process with the people whose roles are to be affected by the changes and that it will seek to redeploy as many affected employees as possible to other areas of the GE business where vacancies exist. Staff have been told there will also be a redundancy package that will be generous by industry standards.

The move is part of GE’s strategy to alter its Irish business in response to the downturn. It is seeking to reduce debt and conserve cash and this has led, in turn, to a reassessment of the size and structure of its Irish business.