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General Electric's GE Capital unit will cut between 7,000 and 11,000 jobs, sources told CNBC.
GE Capital employs 75,000 and has said it would reduce costs in the unit by $2 billion in 2009. A company spokesman said headcount reductions were expected as part of the cost cuts but didn't elaborate on a number.
The spokesman said the financial services unit is strategically reshaping itself to become smaller and more focused
GE, which is the parent of CNBC.com, had a total 327000 employees at year end.
GE shares [GE
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], part of the Dow Jones industrial average, were down in afternoon trading on the New York Stock Exchange.
The shares lost about half their value last year as the credit crunch took a heavy toll on GE's hefty finance business, and last month Standard & Poor's lowered its ratings outlook on the company to "negative," meaning that it had a one-in-three chance of losing its top-tier rating over the next two years.
—Reuters contributed to this report.
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