General Electric underlined the depth of the financial crisis yesterday, issuing its second profit warning of the year and announcing radical action to conserve cash, cut debt and reduce its reliance on its financial services division.
The US conglomerate will halt share buybacks, scrap the sale of its credit card unit and hold its dividend steady in 2009 – the first time in 32 years it has not increased the annual payout – as the credit crunch takes its toll on GE Capital.
GE executives painted a bleak picture for the remainder of the year and 2009, saying US economic woes were hurting consumers and had begun to spread to the corporate sector.
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