General Electric to Sell Bulk of Its Finance Unit
The New York Times reported General Electric plans to sell off most of its finance arm within two years, as it seeks to complete a transformation that began during the tumult of the financial crisis.
According to the Times , rapidly shrinking the finance arm, GE Capital, will release the company from strict regulatory requirements that come with GE Capital’s being regarded as a financial institution that is too big to fail.
The Times said further, General Electric’s plan is that by 2018, its core industrial businesses — ranging from jet turbines to heavy energy equipment to sophisticated medical devices — will account for more than 90% of its earnings, up from 58% last year.
To read the entire Times article, click here.