The Ax Falls Tomorrow at GE Capital
Tomorrow is January 8, and for many GE Capital employees, that means D-Day. peHUB reported in December that the GE Capital and its mid-market lending subsidiary, GE Antares, had suspended a planned round of planned layoffs until January 8, in order to implement a new, lower severance package plan. We haven't been able to confirm specifics, but rumors are that the severance package may be less than two weeks salary for each year of service. Perhaps the pitiful severance package isn't surprising, given the pressure on financial firms to curb executive pay. But since GE has not recieved any TARP money yet, that's hardly a valid excuse.
7 January 2009•2 mins read
