General Electric Co. plans to exit its banking business, GE Capital. As banking has become a less profitable and riskier business, General Electrics is going to sell its finance arm that has swollen into one of the biggest lenders in the United States. GE Capital manages assets worth $74 billion and mainly deals with lending small and medium businesses. According to the well-informed sources, the US conglomerate is currently involved in the deal negotiations with several would-be buyers. Wells Fargo, a US multinational banking holding company, is expected to be the top contender for the gainful bargain. The General Electric management aims to simplify the conglomerate and focus on the best-performing segments. In particular, it intends to sell off most of the banking division over the next two years as part of the large-scale post-crisis reorganization. General Electric Co. is currently composed of eight diverse business sectors. It is keen to return to its roots as one of the most powerful industrial corporations in the world, which operations include manufacturing jet engines, oil drilling equipment, and medical devices.
