Major US conglomerate General Electric has announced a large-scale restructuring of its business units. The move will see the company's insurance business become incorporated into its financial services division.
GE, one of the largest and most diversified companies in the world, has taken the decision to consolidate its 11 businesses into six core operations in order to streamline performance and achieve a more industry focused offering. The new units will be: GE Infrastructure, GE Industrial. GE Commercial Financial Services, NBC Universal, GE Healthcare, and GE Consumer Finance.
GE’s insurance arm, GE Insurance Solutions, will be incorporated into the overarching GE Commercial Financial Services division. The financial services business will be led by Michael Neal in the role of vice-chairman. Neal will move to the role from his position as president and chief executive of the soon to be dissolved GE Capital Corp.
In addition to the insurance arm, the new commercial financial services group will incorporate GE’s leasing, real estate, corporate financial services and health care financial services operations.
GE plans to implement the restructuring on July 5 has yet to release details of any possible changes in staff numbers as a result of the reorganization.