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GE to sell $30 billion finance business worth more than $30 billion

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Staff writer ▼ | October 13, 2015
General Electric has agreed to sell commercial lending and leasing businesses worth more than $30 billion to Wells Fargo & Co.
General Electric
Selling   Wells Fargo bought businesses from GE
The U.S. conglomerate has now inked $126 billion in transactions since announcing in April it would seek to reduce its GE Capital financing business to less than 10 percent of earnings as it focuses more on industrial manufacturing. GE Capital accounted for 42 percent of the company's profit in 2014.

About 3,000 GE employees of the 3,500 in those businesses will shift to Wells through the deal, GE said.

The transaction is expected to be completed in the first quarter of 2016, GE said.