FINSwire May 23 2011

GE Capital to Hire 1,000 in Chicago

By matt jarzemsky

General Electric Co.'s finance arm said it plans to add 1,000 jobs in Chicago, nearly doubling its presence in the Windy City.

The move comes as financial results have improved lately at GE Capital, the conglomerate's biggest segment by revenue, fueling higher profits companywide. The unit once accounted for half the company's profit but became a severe drag during the financial crisis.

GE Capital plans to bring 1,000 jobs to Chicago, adding to the more than 1,000 people it employs there, it said Monday. It expects to hire 500 people over the next year and the rest in the "next few years," said Dan Henson, president and chief executive of GE Capital, Americas.

The company is conducting a search for a new office to accommodate the expansion. Overall, GE Capital's Americas operation has about 8,000 employees.

General Electric shares recently traded at $19.27, down 1.8%. The stock is up about 17% the past year.

Matt Jarzemsky is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.

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