GE Capital to cut 7,000 jobs by year-end

GE Capital said it will axe 7,000 workers in the US and overseas this year, out of an employee base of 90,000.

"GE Capital has plans to lay off approximately 7,000 people by the year-end," said spokesman John Oliver.

"This is part of our continuing productivity and digitization (effort to turn to technology as far as possible)," he said.