[UconnHusky1]

Originally Posted by JayCT

Another good sign for the Danbury area. Jay

Boehringer completes $65M research plant - Connecticut Post

So now for bad news...say good bye to GE Capital. Hundreds of well paying jobs impacted in Norwalk (HQ & Real Estate for now) and Danbury eventually.

[Mr_250]

Originally Posted by UconnHusky1

So now for bad news...say good bye to GE Capital. Hundreds of well paying jobs impacted in Norwalk (HQ & Real Estate for now) and Danbury eventually.

Wow! That is not good news. Apparently by 2018 they will dissolve their entire GE Capital Business. High paying jobs will be lost.

[JayCT]

Originally Posted by Mr_250

Wow! That is not good news. Apparently by 2018 they will dissolve their entire GE Capital Business. High paying jobs will be lost.

They are not dissolving it, GE is selling parts of the financial division. Does not mean all of the jobs will go away. I think this is odd since GE Financial was one of GE's most profitable divisions. Jay

[Mr_250]

Originally Posted by JayCT

They are not dissolving it, GE is selling parts of the financial division. Does not mean all of the jobs will go away. I think this is odd since GE Financial was one of GE's most profitable divisions. Jay

Correct. I misread it. The real estate and the majority of the financial arm will be sold off. GE will keep the fiance department that deals with customer purchases.

It could be assumed that GE Capital will be sold and possibly moved. Not all jobs will be lost but jobs associated with investments and real estate will certainly be lost and or moved.

[UconnHusky1]

Originally Posted by JayCT

They are not dissolving it, GE is selling parts of the financial division. Does not mean all of the jobs will go away. I think this is odd since GE Financial was one of GE's most profitable divisions. Jay

False JayCT

GE Real Estate was sold to Blackstone and Wells Fargo. The assets were sold and not the employees. In other words, Blackstone and Wells Fargo already have their own real estate function and therefore GE employees will not be needed to support and service these assets.

Its very likely GE Capital HQ in Norwalk will no longer be required since the underlying businesses will eventually be sold.

[mlassoff]

Originally Posted by UconnHusky1

False JayCT

GE Real Estate was sold to Blackstone and Wells Fargo. The assets were sold and not the employees. In other words, Blackstone and Wells Fargo already have their own real estate function and therefore GE employees will not be needed to support and service these assets.

Its very likely GE Capital HQ in Norwalk will no longer be required since the underlying businesses will eventually be sold.

You really can't predict either way-- You're choosing to favor the doom and gloom scenario. There's no way to know if jobs will be retained until there is an acquirer and an actual acquisition.

GE has been under pressure for users to stop being a conglomerate and focus on their core business-- industrial machining and aircraft. While it may enhance the overall business footprint, many analysts believe that GE being in so many businesses that are subject to economic downturn, etc, has retarded shareholder value.

The management has been under stockholder pressure about this for years.

[Lalalally]

I think it's pretty clear after this announcement that any employee of GE Financial will be looking for new employment within the next year/year-and-a-half. WF /BS will have no need for them...

[bobtn]

When you get bought by someone with employees doing the same tasks, you're gone. Watch for the acquirer to use the term "synergy", much nicer sounding than "We already have staff doing your job, so you're gone". It means just that, in an acquisition..superfluous staff.

[cj06117]

Originally Posted by bobtn

When you get bought by someone with employees doing the same tasks, you're gone. Watch for the acquirer to use the term "synergy", much nicer sounding than "We already have staff doing your job, so you're gone". It means just that, in an acquisition..superfluous staff.

This is most always true. "We believe we can achieve significant efficiencies" is another line I hear. The only exception would be if the company is acquiring something that would be a completely new division. This happened to a company in the Hartford area and they wound up hiring (very rare though) Even so, some people may get the boot as there is duplication in HR, finance, etc.

[bobtn]

Corps buy corps to get their cash flow and net profit, not their staff. If they keep staff, that is simply a means to an end.