GE Capital, the financial services arm of General Electric (NYSE:GE), which suffered heavy losses during the financial crisis, announced plans today to substantially expand its Chicago operations by bringing 1,000 jobs to the city.
The company already employs over 1,000 people in the city, and a total of about 4,000 across the state of Illinois.
"Chicago has been a great market for GE Capital in a number of ways. The City and surrounding areas are home to many thriving, main street companies we serve as customers. Currently, we have over $5.4 billion in financing commitments extended to over 11,000 customers in Illinois. Chicago also offers a deep pool of financial services talent we can draw upon to help serve our customers in the area and across the country," GE Capital, Americas President and CEO Dan Henson said.
He continued, "We have a number of existing operations in and around the City, including the headquarters of our Commercial Distribution Finance and GE Antares Capital. The 1,000 jobs we'll bring will support our future growth and be phased in over time, with 500 over the next year and plans for an additional 500 in the next few years. We support Mayor Emanuel's commitment to economic growth, and our decision to expand our presence in Chicago reflects our confidence in his ability to deliver on this promise."
"I promised Chicagoans that I would work tirelessly to create a business climate in Chicago that makes companies want to move here, stay here and bring high-quality jobs to the hardest-working people in America. I commend and thank GE Capital for recognizing the opportunity for growth and success in our great city," Mayor Rahm Emanuel said.
Shares of General Electric are trading down 1.7% at $19.29.