Main content

General Electric's economic cure

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.

Available now

18 minutes

Last on

Mon 27 Jul 2009 07:32GMT

Broadcast

How the 2008 crash shaped our world

How the 2008 crash shaped our world

Stories from people involved in the crash and how its effects are still felt today

Business Daily Podcast

Business Daily Podcast

Download every programme.

Podcast