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Business Daily: General Electric's economic cure

27/07/2009

General Electric's economic cure

BBC World Service - Business Daily, General Electric's economic cure

Jeff Immelt, CEO of GE, insists refocussing on technology will underpin economic recovery.

The CEO of General Electric says there will be a good financial services industry in the future.

Jeff Immelt tells Robert Peston that GE Capital will probably be a third smaller in the future.

Jeff Immelt, the chief executive of General Electric, tells the BBC's business editor Robert Peston how GE, one of the world's biggest diversified companies, is coping with the downturn. "I joined GE in 1982 and no company in the world has made more money over the last 27 years as GE - so we know how to compete."

Many on Wall Street recognise that Mr Immelt is trying hard to make his own mark, having inherited the top job at General Electric, following the departure of its mercurial former leader, Jack Welch. Although he departed in 2001 his legend lives on.

The banking industry has been under fire over risky strategies, blamed for causing the economic crisis, but according to the chief executive of General Electric there will be a good financial services industry in the future. Jeff Imelt candidly tells us that GE Capital will probably be a third smaller in the future. 

Mr Immelt also says countries like America and the UK need to refocus on technology to help their economies recover from recession over the long term.

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