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Financial Services Latest News: General Electric to Cut 600 Jobs in France

Wochit 1:15 mins

U.S. technology and financial services firm General Electric is to cut 600 jobs in France, mostly at its finance arm, a union official said, seeking to further shrink the division's activities in the wake of the banking crisis. GE Chief Executive Jeff Immelt is stepping up long-running efforts to shrink finance arm GE Capital, which almost sank the whole company during the 2008 meltdown. Federal-authorities-were-planning-to-arrest-several-people on charges that they hacked into the computer servers of financial companies, including the parent company of the Nasdaq stock exchange, according to people briefed on the arrests. Jon Corzine and two of his top executives at defunct commodities brokerage MF Global are seeking to have dismissed a lawsuit accusing them of hastening the firm's 2011 collapse. Louis Freeh, the trustee that wound down MF Global's bankrupt parent, filed the lawsuit in April, accusing Corzine of pursuing a high-risk business strategy that culminated in the brokerage's destruction.

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