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GE Money close Wolverhampton offices

GE Money has revealed it is consolidating its UK business by closing down its Wolverhampton offices.

The lender, which has come under fire this week for a £1.12m fine from the FSA, says the consolidation is necessary in the face of current market conditions.

This move means up to 100 staff will have their jobs revaluated with a mind to disperse them within the GE group. The group retains UK offices in Watford, Truro and Harrow.

A spokesperson for GE Money Home Lending says: “Given the continually deteriorating market conditions and the impact this is having on business volumes in the UK mortgage market, we regularly review our operations, processes and resources to ensure we have the appropriate teams in place to respond to market realities.

“Whilst it is never easy to announce changes which could affect employees, our key focus will be on ensuring that potentially impacted employees are fully informed and consulted throughout the process.”

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