(Reuters) - General Electric Co’s (GE.N) finance arm expects Europe’s financial woes to take a toll on its profitability but regards the risk as “manageable,” the unit’s head, Michael Neal, told an investor conference on Thursday.
“If trends continue — and there is no reason to think they won’t — in Europe, we will come under some pressure. We think it’s manageable,” the chief executive of GE Capital said. “We thought Europe was going to be this bad and we weren’t disappointed.”
GE Capital’s business in Europe is largely focused on the United Kingdom, France and Germany, which have been relatively healthier financially than southern European countries.
Reporting By Scott Malone; Editing by Gerald E. McCormick