GEMHL soothes redundancy fears

GE Money Home Lending moved to calm fears about UK job cuts last week after parent firm GE Capital said it was scaling back its mortgage business.

In a GE Capital business update teleconference, the firm said it was preparing for a tougher market in 2009. This will require job losses in its consumer finance arm in Q4 2008 but it did not reveal which divisions will be hit.

The firm also says it is looking to reduce its exposure to the mortgage market.

But a spokesman for GEMHL says: “The call was designed to give a broad overview of the company’s strategy.

“Our position is that we still have an offering in the UK with a tightly controlled, prudent range of products that reflects difficult economic conditions.”