The Wall Street Journal reported that GE is considering breaking off large parts of its lending business amid investor concerns that the company has become one of the largest banks in the U.S.

The Journal said that although GE has made strides to reduce the size of its GE Capital unit by selling assets and allowing its portfolio to shrink, top executives are looking at going further, including selling businesses in the finance unit’s portfolio.

GE noted in its 2011 annual report that GE Capital’s ending net investment at year-end 2011, excluding cash and equivalents, was $444.6 billion, down from $526.3 billion at January 1, 2010.

The report noted that no decisions have been made, and such moves would have to wait until market conditions are more attractive, which could take some time.

To read the Wall Street Journal story (subscription required), click here.