General Electric Co. will host a Webcast on Tuesday to update investors on how its financing arm will navigate through the current crisis in financial and credit markets.
The meeting will take place two weeks after GE announced it was reorganizing GE Capital, its battered lending arm, to save $2 billion in 2009. The revamping will lead to unspecified job cuts as GE shrinks the size of the business.
“This presentation will share with you the strategic and operational plans we have to navigate through this environment and the future growth opportunities that exist for GE Capital,” Trevor Schauenberg, vice president of corporate investor communications, said in a posting on GE’s Web site.
He said the Webcast, which is scheduled for 8:30 a.m. EST on Dec. 2, will emphasize that GE Capital is “safe, differentiated and profitable despite the difficult current environment.”
Due to the turmoil in the banking and credit markets, GE Capital posted a 33 percent profit decline in the third quarter, helping to drag down GE’s overall quarterly results by 22 percent.
GE Capital makes loans for everything from consumer car purchases to commercial energy projects and is expected to make around $9 billion this year. GE announced initial changes to GE Capital as part of a company wide reorganization in July.
Fairfield, Conn.-based GE has already scheduled for Dec. 16. its annual year-end meeting during which CEO Jeff Immelt is expected to review the company’s revenue and earnings expectations for 2009.
The industrial powerhouse runs businesses touching on numerous sectors in the U.S. economy, including health care, energy, aviation and entertainment through the NBC Universal division. (AP)
