Pacific avoids axe as GE chops businesses
GE Money’s decision to cut 335 jobs in Australia and New Zealand will have no effect on its premium funding business, Pacific Premium Funding.
The company said on Friday it’s downsizing due to extreme volatility and the increased cost of funds on wholesale markets.
But a spokesman told insuranceNEWS.com.au today that Pacific Premium Funding “won’t be affected” by the changes. GE’s Commercial Finance division bought Pacific Premium Funding outright in April.
GE Money will no longer provide third-party mortgages, motor finance and small business finance. The group employs about 4500 workers in Australia and NZ.
The company said on Friday it’s downsizing due to extreme volatility and the increased cost of funds on wholesale markets.
But a spokesman told insuranceNEWS.com.au today that Pacific Premium Funding “won’t be affected” by the changes. GE’s Commercial Finance division bought Pacific Premium Funding outright in April.
GE Money will no longer provide third-party mortgages, motor finance and small business finance. The group employs about 4500 workers in Australia and NZ.