By Kaja Whitehouse
General Electric (GE) said today it is selling the bulk of its GE Capital banking business in its latest attempt to simplify the conglomerate and concentrate on the best-performing segments.
GE kicked off the announcement on Thursday with the sale of its real-estate assets — a hodgepodge of factories, commercial loans and apartment complexes — for $26.5 billion. Wells Fargobank and private equity firm Blackstone bought the bulk of that for $23 billion, the companies said.
GE will take a $16 billion after-tax charge against earnings the first quarter this year as a result, the company said.
The stock jumped 8.9% to $27.81 a share as Wall Street applauded the move as evidence the company is getting serious about its strategic shift away from financials and back to manufacturing.
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