GE to Cut 3,000 Jobs at GE Capital

General Electric Co. is cutting 3,000 jobs at GE Capital, the source of about 40% of the company’s profit, and will exit some financing businesses to reduce expenses and keep earnings rising.

GE Capital is consolidating administration at some of its 24 businesses, such as European equipment financing.

It has stopped selling mutual funds and other lower-margin products directly to consumers. The job cuts and exiting of product lines are expected to save $400million next year.