Daily News: August 30, 2013

WSJ: GE Preparing to Exit Retail Lending

The Wall Street Journal reported that General Electric is preparing to spin off its retail lending unit that issues store credit cards for 55 million Americans at retailers such as Wal-Mart and Gap’s Banana Republic.

The article said an IPO could come early next year, citing people familiar with the matter. Bankers from J.P. Morgan Chase and Goldman Sachs are working on a possible offering, said one of the sources, WSJ reported. Alternatives including smaller spinoffs or asset sales are under consideration, the article added.

To read the full WSJ article (subscription required): click here.