80 Irish jobs to go at GE Money

GE MONEY has announced it is axing 80 of its 400 employees following what it described as a significant review of its Irish operation.

The loans company blamed the “extreme volatility and greatly increasing cost of funds on the global wholesale money markets” for its decision.

“GE Money has to be more selective in its allocation of capital and needs to ensure it gets a reasonable return on investment,” a spokesman said.