Due to difficult market conditions, GMT Global Republic Aviation (GMT Global), previously operating as the aviation and portfolio division of Republic Financial Corporation, has reduced its workforce by six employees. The move has resulted in the closing of its Reston (VA) office.
GMT has confirmed to CAO that the remaining eight employees will focus on supporting the lessor’s current portfolio, which totals 23 aircraft.
"The portfolio is performing well so the remaining employees will support the portfolio as in the past, but due to market conditions that limit the growth in the business at the level we anticipated, we unfortunately no longer need the same origination effort,” GMT tells CAO.
GMT Global was formed in February 2008 to operate and expand Republic’s commercial aviation investment and lease management business with US offices in Aurora (CO) and Reston (VA) and also an office in the UK.