GE Capital to Lose Up to 11,000 Jobs

General Electric is cutting jobs at finance unit GE Capital as part of a $2 billion cost-reduction program.

GE said it was making announcements internally, and declined to provide specific numbers. GE plans to complete the cost-cutting moves by the end of 2009.

GE Capital could be facing a headcount reduction of 7,500 to 11,000 jobs, according sources. GE Capital has about 75,000 employees.

The financial crisis has hit non-bank lenders like GE Capital particularly hard; these firms have to borrow a lot in commercial-paper and other debt markets to get the money they need to make loans.

GE Capital is comprised of five sub-units: GE Aviation Financial Services, GE Commercial Finance, GE Energy Financial Services, GE Money (merged with GE Consumer Finance), and GE Treasury.