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GE Reorganizes Financial Services Operations

FAIRFIELD, CT-General Electric announces a reorganization of its financial services operations that will result in the splitting of GE Capital into four separate businesses.

By John Jordan | Updated on July 29, 2002

FAIRFIELD, CT-In a shakeup of its financial services operations, General Electric reports that it will split up its successful GE Capital division into four separate businesses.

General Electric Chairman and Chief Executive Officer Jeff Immelt reports that effective Aug. 1, GE Capital will be spilt into GE Commercial Finance, GE Insurance, GE Consumer Finance and GE Equipment Management. For the most part, the corporate structure of GE Capital will be eliminated and each of the business units will report directly to Immelt and GE Vice Chairman Dennis Dammerman, who has oversight of GE Capital.

GE Capital Real Estate, which is headquartered in Stamford, CT., will operate under the GE Commercial Finance business as of Aug. 1.

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