| GE Capital |
260 Long Ridge Road,
Stamford,
CT
06927 |
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www.ge.com/gecc18.htm
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(203) 357-4000
Fax: (203) 357-6489
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GE illuminates the world, and owns a lot of it too. Just one of the mega-corporation's many divisions, GE Capital was started in 1933 to help broke consumers buy refrigerators and other General Electric consumer products. The company grew steadily, financing everything from trucks to receivable inventory, to private credit cards and airplanes, and using its parent company's great credit to borrow more and grow faster. Since 1993, when it surpassed GMAC, GE Capital has been the largest finance arm of a major corporation. Comprised of 28 separate businesses, the company's made a tidy $3.3 billion in 1997 for its parent - a full 40 percent of GE?s income. In 1997, GE Capital posted a mind-boggling 23rd consecutive increase in profit. In fact, GE Capital head Gary Wendt's shrewd moves are credited as the driving force behind its big-name parent company's recent success. Innovative risk controls, top-notch market intelligence, and a hefty appetite for growth that has led many to call GE Capital a ?gorilla with a gold card,? make up Wendt's finance arsenal.
The company provides a wide range of financial services to consumers, small business, and corporations. Each of the 28 businesses operates independently, and is responsible for achieving its own goals. The company's Consumer Financial Services, for example, offers MasterCard and Visa credit cards under the GE Rewards and Exxon brands. The Equity Capital Group is a venture capital fund that invests in young, growing companies seeking to raise capital. The Structured Finance Group arranges long-term equity and debt financing for major projects such as a new Chinese power plant and the privatization of Hungary's telecommunications and airport operations. While the company has emphasized the expansion of its venture capital and investments in recent years, its historic strength has been in insurance. GE Capital Insurance services includes a wholesale insurance network for individual life insurance, as well as commercial insurance, with a particular emphasis on financial institutions. Employers Reinsurance provides insurance services to small business.
Having found its way into virtually every financial services market in the U.S., the company is now targeting international growth. GE Capital hopes to grow 40 percent annually in terms of revenue and assets in Asia for the next several years. And in Europe, where GE Capital has only had a presence for a dozen years, the financial services arm already has topped $53 billion in assets; the company's profit has grown by a factor of five since 1994.
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Applicants can visit the GE Capital Web site at www.ge.com/gecc18.htm, to obtain the address of the specific company for which they want to work. Most (but not all) of the 27 businesses that make up GE Capital have their headquarters in Connecticut. One insider reports, "Depending upon what geographical area you're interested in, the interviewing process varies. We do a lot of campus recruiting as well as job fairs throughout the Fairfield County area in Connecticut."
Candidates going through on-campus recruiting can expect several rounds and some technical finance questions, insiders report. Some recent hires report having panel interviews, with "four to five people interviewing you at once." Still, one GE Capital contact insists that "I don't consider the interview process grueling. However, GE can pretty much pick from the cream of the crop so you've got to stand out from the crowd." Insiders advise that qualities that help candidates stick out from the crowd at GE Capital include a global focus and the ability to develop and coach others.
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Because of its many offices and variegated businesses, GE Capital insiders stress that pinning down the company culture is difficult. For example, one consultant with GE Capital notes, "My office allows jeans and casual dresses, but some offices insist on business casual, and at others, like the corporate headquarters in Stamford, Connecticut, it is strictly formal." In general, though, the company's headquarters is described as much more formal and conservative than other offices. At headquarters, the business dress code is "strictly enforced and business casual dress is observed only on Fridays and in the summer months." Several contacts at the Stamford offices complain of "stifling bureaucracy." Says one: "It's very conservative and family-oriented." Says another: "It's a big company so there's lots of bureaucracy." And an MBA who spent a summer internship at GE Capital's headquarters reports: "GE Capital has a very strong corporate culture that may be difficult for those who have worked in smaller, more entrepreneurial environments."
However, not everybody at headquarters agrees. "The culture is stereotypical GE - no nonsense - but less bureaucratic than expected," reports one venture capital associate. Says another: "The culture is smart, friendly and fun." Several contacts note that at least GE Capital's employees, if not its corporate structure, are young and energetic. "It's a very young and social place - but you definitely know when you have to get your work done," one insider says. Says another: "The people are young, extremely bright, and highly motivated." And contacts in farther-flung offices describe a completely different GE Capital. Says one MBA in Europe: "It's very non-hierarchical, open, and fluid."
Whatever their feelings about GE Capital's culture, employees agree that the company's name can light up a resume. "In its favor, GE Capital has enormous resources at its disposal and a very well-respected name in the business community." Insiders also rave about the company's emphasis on training. The company sponsors "lots of internal training" and "they send new employees - entry-level management - to tons of training classes." For those thinking about working while studying toward an MBA, GE Capital provides up to $10,000 a year in tuition reimbursement. And while some insiders complain that the company is skimpy on the perks, it does provide annual exotic trips to "top performers." In 1998, the trip was a "safari in Africa." Through the company's 401(k) program, employees can buy GE stock with pretax compensation, and the company will match up to 3.5 percent of a salary with additional shares.
Most agree that women and minorities are "highly regarded" in every business of GE Capital, with "a lot of women and minorities in senior positions." One notes, "We have vast cultural diversity, we have a strict policy of non-discriminatory principles, and women and minorities are encouraged by senior management to apply for opportunities as they come." Another common thread - Jack Welch's vision of "Speed, Simplicity and Self-Confidence," values which one insider says "all of the 26+ businesses within GE Capital try to incorporate." That contact reports, "GE is not IBM, but it is also not a start-up, hang-loose Netscape-type either. Change is the rule around here - every business knows, in Jack Welch's own words, if your business is not number one or number two in its market, you won't be around for long."
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Marc Saperstein
Human Resources
Consumer credit;Venture capital;Insurance;Small business finance;Mortgages
Capital One; Citigroup; Ford Motor Credit; Household International ; Leasing Solutions ; Trinity Industries
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