Layoffs Watch '08: GE

Posted by Bess Levin, May 20, 2008, 4:58pm

GE Commercial Finance apparently cut 500 employees today. Our tipster, who was one of the victims, had just moved over from Bear a year ago thinking he could "ride out the downcycle." Just think-- had he gone the other way, he would've still (probably) been out of a job, but could've scored some sweet BSC swag, at a deep discount.

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Tags: Bear Stearns, GE Finance, layoffs

Comments

1

Posted by guest , May 20, 2008 5:34PM

If you career arc goes from Bear to GE finance, is the next logical step standing at a kiosk in the mall peddling Visa cards with a low APR?

2

Posted by guest , May 20, 2008 5:40PM

Only if you are being paid hourly by Citi

3

Posted by guest , May 20, 2008 5:59PM

GE layoffs. Whoopi. Will they extend them to CNBC and get rid of that fucking asshole Gasbagarino?

4

Posted by guest , May 20, 2008 5:59PM

GE layoffs. Whoopi. Will they extend them to CNBC and get rid of that fucking asshole Gasbagarino?

5

Posted by Investorcluzo , May 20, 2008 6:16PM

speaking of gasbagarino, did you hear his quote about dimon? direct quote: "he's stands tall among midgets". c'mon now, what has chuck e talking cheesehead done that makes him able to say $hit like that? I'm not bowing to dimon, but at some point you have to draw the line...

6

Posted by Investorcluzo , May 20, 2008 6:18PM

sorry, it was "stands tall among a bunch of midgets"...

http://www.cnbc.com/id/15840232?video=748457683&play=1

7

Posted by guest , May 20, 2008 6:25PM

We try not to listen to Gasbagarino too closely because he is usually so fucking wrong on most everything he says and he is painful to listen to. I mean how many dees and doos can you put in one sentence. So ignoring the content for a moment, this stupid mother fucker can barely utter a sentence. With regard to JD, every significant person on Wall Street hates Gasbag and JD is no exception. Cayne won't talk to him. Langone won't talk to him. Grasso won't talk to him. Thain won't talk to him. Diamon won't talk to him. Lloyd won't talk to him. Mack won't talk to him. He's burned every bridge in the business and will someday end up on a shitpile with our favorite - Spitzer.

8

Posted by counterclockwise , May 20, 2008 7:41PM

Cluzo, thank you for repeating the Gasparino remark about Dimon. It gave me the best laugh of the day.

9

Posted by guest , May 21, 2008 9:09AM

@5:34 pm.

The next logical step is a higher probability of employment through 08/09 vs. the bulge brackets.

10

Posted by guest , May 22, 2008 1:02AM

in my office @ chicago 2 people have been laid off and another guy has been told to relocate to Asia within 2 months...sucks! shame on u Jeff Immelt....Arse hole...fire this shitface!

11

Posted by guest , May 23, 2008 12:23PM

yeah know people who were laid off. they pretty much went after people who were making the most, didnt really evaluate talent. Guess thats no big surprise with GE and how expensive could anyone really get at GE?
although they did hire some ex-JP morgan people. Have to wonder who they will have left once mrkt returns and all those people leave GE.

12

Posted by guest , May 23, 2008 10:05PM

Are you people that dumb...i work at GE and they did not layoff with the highest paid, they started with the bottom 10%...Nobody likes to have to layoff during down cycle, but it's better than the alternative of reacting too late and having to lay off thousands more. GE attracts top talent because they're willing to make the tough decisions when they need to be executed.

13

Posted by guest , May 23, 2008 10:05PM

Are you people that dumb...i work at GE and they did not layoff the highest paid, they started with the bottom 10%...Nobody likes to have to layoff during a down cycle, but it's better than the alternative of reacting too late and having to lay off thousands more. GE attracts top talent because they're willing to make the tough decisions when they need to be executed.

14

Posted by guest , May 23, 2008 10:06PM

Are you people serious...I work at GE and they did not layoff the highest paid, they started with the bottom 10%...Nobody likes to have to layoff during a down cycle, but it's better than the alternative of reacting too late and having to lay off thousands more. GE attracts top talent because they're willing to make the tough decisions when they need to be executed.

15

Posted by guest , May 24, 2008 7:03AM

GE attracts top talent <----hahahahaha

16

Posted by guest , May 25, 2008 5:09PM

I work at GE as well and can confirm they absolutely laid off the highest paid people or as people who had been there the longest. it has left a bad atmesphere for the people left because it means loyalty means nothing at GE. They also managed to layoff a ton of women, wouldn't be surprised if that comes back to haunt them.

17

Posted by guest , Jun 05, 2008 1:06PM

I had worked at GE not too long ago and GE DOES NOT ATTRACT TOP TALENT. My experience there was by far the worst one I have had in my life. GE is plagued by poor management and managers who actually believe that they are good managers just because they work for GE.

That Company is full of CRUD!

18

Posted by guest , Jun 26, 2008 5:40PM

The laid off the newest people. Last-in, First-out. A lot of the ML Capital guys that just came over in the acquisition were shown the door.

19

Posted by gesucks , Oct 26, 2008 11:42AM

I have worked at GE for 15 years in a well paid, Senior position, and let me tell you, GE probably has the worst Senior Management team of any major corporation in the entire World.
Jeff Immelt has no plan, goal or vision for this Company. Over the years, GE has been successful in spite of its self, not because of any well defined strategy. The Company's shear size has hidden all of the continous bad decisions made throughout its numerous businesses.
GE's vision into the future is at best quarter to quarter, but more accurately, month to month.
Senior Managers do absolutely nothing to provide franchise value to the business they are in charge of. Their focus is purely on the advancement of their own careers, bonuses, and stock options (even though these options have become virtually worthless during Immelt's reign).
Most Senior Managers only head up a group for a year, and only to pad their own resumes to put themselves in a position for their next promotion. One year is no where near enough time for these managers to gain any knowledge about the business they are running, to implement any positive changes, or build any sort of relationship with their workers. Probably worst of all, the decisions made during their brief period withing each business are never about what is best for GE, but rather what is best for themselves.
Given GE's total lack of interest in its employees that do the actual work, the Company has alienated virtually every worker up and down the line. Working at GE is purely a mercenary activity and unfortunately, most of the bullets the employees have to dodge are from those fired at them by Management.
Given GE's scortched earth policy towards these employees, once the economy and the financial markets improve, GE should not be surprised to see a mass exodus of its best workers.
Now is the time for the Board of Directors to look into the mirror and rebuild the Company from the top down. Their first and most important action must be to fire Jeff Immelt. Under his leadership, GE's stock has dropped from $60 per share to under $18. What else need be said?
Next, while it is difficult to roll up one's sleeves while wearing French cuffs, it is time for the Board to do the job they were appointed to do. They need to get their hands dirty and dig in to find out what GE is really about. The Board needs to gage the true level of employee disgust, stress, burn-out, zero work/life balance, and total distrust of Senior Management.
Of course, none of this will ever happen. From their ivory towers, it is impossible for the rulers of GE to have any interest in the true pulse of the Company and its employees. GE's "Let them eat cake!" attitude towards its workers will continue unchecked. This lack of interest of what is actually happening withing the business will be GE's ultimate downfall and lead the Company straight down the same path of Wall Street, GM and Enron.

20

Posted by guest , Nov 25, 2008 5:04PM

right on gesucks! A company i worked for was acquired by GE and we quickly learned that there were two types of people in this world: those that worked hard and went the extra mile to get stuff done (like us pre-ge)and those that believed their career purpose was to step on everything and everyone in their way in order to climb the corporate ladder (the existing ge-ers). they got rid of the best talent as quickly as possible if we were not chosen to play the climbing game.

21

Posted by guest , Dec 23, 2008 6:45AM

You're right...no GE management! The way Jeff Immelt works...he wants control of all us/europe/asia countries, but once a company/division starts failing he sells and doesn't look at the long term aspect.

It was a BIG BLOW when Immelt put the GE Applicances on the market for sell...this is what GE is all about!

As a employees of GE Capital...we were put on the notice of lay offs yesterday, however, many employees have a hard time of digiesting how can the HR TEAM (Norwalk, CT) are preparing for 09 Bonues in February 09? Meanwhile, GE Capital are planning massive lay offs in January 09. We employees have a huge plan for you all Senior Executives...The News will be a good source of many scams that employees has seen and heard during these past/long years. 2009 will be big news for GE Captial and Jeff Immelt! It will be a SHAME on YOU CORPORATE...just like Madoff! If today's GE stock is at 16...in 09 it will be at 2!

We are all in the same ship...Just think FAMILY and your HEALTH is more important than GE!

Have a wonderful Holiday!

22

Posted by guest , Dec 23, 2008 6:46AM

You're right...no GE management! The way Jeff Immelt works...he wants control of all us/europe/asia countries, but once a company/division starts failing he sells and doesn't look at the long term aspect.

It was a BIG BLOW when Immelt put the GE Applicances on the market for sell...this is what GE is all about!

As a employees of GE Capital...we were put on the notice of lay offs yesterday, however, many employees have a hard time of digiesting how can the HR TEAM (Norwalk, CT) are preparing for 09 Bonues in February 09? Meanwhile, GE Capital are planning massive lay offs in January 09. We employees have a huge plan for you all Senior Executives...The News will be a good source of many scams that employees has seen and heard during these past/long years. 2009 will be big news for GE Captial and Jeff Immelt! It will be a SHAME on YOU CORPORATE...just like Madoff! If today's GE stock is at 16...in 09 it will be at 2!

We are all in the same ship...Just think FAMILY and your HEALTH is more important than GE!

Have a wonderful Holiday!

23

Posted by guest , Jan 12, 2009 11:33PM

GE Finance did indeed lay off the highest paid + or employees who had been there for 8-10+ yrs. Also people who were close to retirement and knew they were going to be out the door the minute they turned 60. My father was laid off but got the great severance + retirement. He's happy and hey his secretary did not get fired!

24

Posted by guest , Jan 13, 2009 4:18PM

I also use to work at GE and was fired by a manager that was exacting revenge for contact with his now wife. I was 5 years from retirement and had 32 years with the company. In my past experience the company was loyal to its employees and to its customers. That was under Jack Welch. Now since Jeff Immelt took over. It is ruthless and trying every way it can to increase the bottom line and cut it's employees pay and benifits while all the while paying the CEO's way to much.
I hope to make a statement with a wrongful discharge law suit. We will see!

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