GE Money relocating to London - running away from credit cards

http://www.turkishpress.com/news.asp?id=214380


US conglomerate General Electric has decided to relocate the headquarters of its key consumer financing business, GE Money, from Connecticut to London, a GE spokesman said Friday.

GE spokesman Robert Rendine said a small number of top GE Money executives would be based in the British capital instead of the northeast US state.

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GE Money, which has over 200 billion dollars in assets, is a global business which provides credit services to consumers, retailers and auto dealers.

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The company's decision to relocate its headquarters to London comes after GE said in December that it was looking to sell all or part of its US store-branded credit card business.

The US economy is weathering a broad credit crunch triggered by a housing slump and hefty losses endured by big banks on mortgage investments.
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Anyone know how many employees in will be affected?

:eyes: