Finance firm to axe 80 jobs

Eighty jobs are to be cut at specialist finance firm GE Money, the company confirmed today.

Management revealed they will stop offering mortgages to new customers in January and will also reduce the amount of loans it offers to car buyers.

GE Money, which lends to people turned down by the main High Street banks, blamed the cuts on the global economic downturn.

“These decisions are as a direct result of the extreme volatility and greatly increasing cost of funds on the global wholesale markets,” management said.

The company said it was facing unprecedented conditions and it would be more selective when lending in order to get reasonable returns on investments.

Around 400 people work in GE Money’s two Irish bases in Dublin and Shannon.

It is understood staff will be offered new roles in the business if vacancies are available.

GE Money insisted the cuts would not effect existing customers who have mortgages, personal loans and car finance deals agreements and insurance policies.