GE Capital to Lay Off 127

  • JJ Hornblass
  • July 1, 2009
  • 0

GE Capital, the one-time pride of General Electronic, has laid off 127 more people in its Connecticut offices.

The company continues to lay off employees, and when all is said and done, GE Capital is expected to have reduced its staff by 37%, according to Layoff Tracker. Here’s an expert from the blog’s post:

GE Capital Corp. has laid off 127 employees at a Bedford operation in the past three months, and the company said staff reductions may continue through mid-September.

The company said it is restructuring its GE Capital Americas, which has an operation at 2208 Texas 121, according to a Texas Workforce Commission filing.

About 34 employees were let go between March 18 and June 16, then 93 employees were laid off June 17. About 490 were employed when the layoffs began, the filing said.

The company said it has “tentative plans” to lay off 56 more employees in the next 90 days, which would bring the total to about 37 percent of its staff at that location, according to the filing.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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