GMAC-RFC reinvents itself

The new look asset management company once merged with GMAC's european operations will control assets of £16bn and operate out of four european bases, in the UK, Netherlands, Germany and Spain.

The change of focus has led the company to put it salesforce into consultation with a view to making the entire force redundant, which is part of the 130 job losses announced. The group has had several previous rounds of redundancy since the credit crunch began in the summer of 2007.

GMAC-RFC has said that it still hopes to lend in the UK in the future.