Moneylender GE will cut another 400 jobs in Australia and New Zealand as it integrates its GE Money and GE Commercial Finance business, though the two brands will be kept in place for now.

The job losses add to another 335 announced last year in the GE Money division and will mainly come from selling off the Wizard Home Loans business, winding down auto and home loans, and support operations.

President and chief executive of GE Capital Australia and New Zealand, Steve Sargent, says the integration will boost liquidity, reduce debt leverage and cut down on duplication of services.

He says GE Capital’s product manufacturing capability in specialities such as white-labeling of personal loans, leasing and fleet management, and credit cards will be on a scale that surpasses most local banks.

GE Capital Australia & NZ is the third largest GE Capital business worldwide, behind the US and UK.

It has more than 3 million customers and $43 billion in assets in Australia and New Zealand.

In 2008 it grew net income by 16.8%.