GE to Sell Commercial Lending, Leasing Businesses to Wells Fargo

GE to Sell Commercial Lending, Leasing Businesses to Wells Fargo

Published in The Wall Street Journal

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General Electric Co. agreed to sell a major chunk of its U.S. commercial lending business to Wells Fargo & Co., a milestone in the company’s rapid exit from financial services that could allow it to shed a tough regulatory regime.

The deal, announced Tuesday, is the largest divestiture yet in GE’s rapid dismantlement of its GE Capital lending unit that once contributed roughly half the parent company’s annual profits and just last year had assets that would make it the country’s seventh-largest bank.

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