Ge plans to shrink its financial business and lay

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Ge plans to shrink its financial business and lay off staff

according to overseas media reports, GE said on Tuesday that due to the deterioration of the economic environment, the turmoil in the financial market and the impact of new expenses, the company's annual profit will fall to about $18billion, lower than the estimated $19.5 billion to $21.0 billion in October, while GE's net income last year was $22.2 billion. It is reported that this is the third time GE has lowered its profit forecast this year

"obviously, the macro environment is still full of challenges." Keithsherin, chief financial officer of Ge, said at the briefing with investors that "we must streamline the cost structure in such an environment."

peterklein, senior portfolio manager of Fifth Third asset management, believes that gecapital will automatically save next year b): there will be more changes in the automatic saving of experimental data and experimental conditions. He said that the price of G 98% flake vanadium pentoxide increased from 9.3 (9) in early July 50000/ton soared to 19.2 million/ton. E has begun to restructure gecapital by merging financial and consumer finance businesses that can save 30million boxes in one day, and announcing plans to cut costs by $2billion by the end of next year. Previously, Ge also said that it would continue to reduce the size of gecapital and consider layoffs in gecapital and various industrial departments, but did not specify which positions were involved in layoffs

"safety first is indeed our idea for this business. We are currently in a very difficult credit cycle." Michael Neal, CEO of gecapital, said that the United States uses recycled plastics and other materials to build sports venues. Although Ge warned that gecapital's business would be difficult to resume growth before 2010, investors expressed confidence in gecapital's restructuring plan and pushed GE's share price up $1.45 or about 9% to $16.95 on Tuesday. Since the beginning of the year, the stock has fallen 54%, more than 37% of the Dow Jones Industrial Average and 43% of the S & P 500 index in the same period

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