GE Beefs up Financial Collections Unit; Hires 700 Collectors
CEO Jeffrey Immelt said the measure came as part of a series of moves to counteract a difficult quarter at its relatively small WMC Mortgage business, a major subprime lender.
Trying for a two-birds/one-stone strategy, GE Financial has added 700 collectors to its roster as it moves to stem the tide of subprime loans.
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CEO Jeffrey Immelt said the measure came as part of a series of moves to counteract a difficult quarter at its relatively small WMC Mortgage business, a major subprime lender.
The collectors will make collection calls earlier in the process, and will make more reminder calls to debtors.
GE Money recorded $47 million in restructuring charges in the first quarter, which includes costs to reduce the workforce and close several offices of its WMC Mortgage business.
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