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GE Seeks Exit from Banking Business
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Growing the banking business right into the 2008 financial crisis - with the effects of the crisis playing out over the next decade- is one decision GE CEO Immelt has described as one he didn't do right. Moves in 2014 and 2015 were designed to focus GE on areas of its historic strengths. GE plans to sell $26.5 billion of office buildings and commercial real estate debt to Blackstone Group and Wells Fargo. This is after moves to spin off the private label credit cards and retail finance business as a separate company called Synchrony Financial. Most of GE Capital's $500 billion business will be sold off or spun off in 2015-2016, except for aircraft leasing and financing for energy and health care, which are related businesses. GE shares were up to $28.38, up 10%, in trading on April 9, 2015. GE Capital's shares were down to $6 in the 2008 financial crisis requiring an injection of government funds. Immelt's 13 years as CEO would end on a positive note with this move, as the role of GE Capital in contributing to the crisis is considered a blemish on his record.
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GE CEO said Immelt said following GE's experience in the banking business during the 2008 financial crisis when its share price dropped to $6, that this is one he "had'nt got right." Moves in 2014 and 2015 including the acquisition of Alstom's business was designed to bring his legacy at General Electric to end on the right note, as one who focussed on GE's historic strengths, and getting out of banking.
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Linked Articles
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