Maserati wrote:
GE’s problem is the GE Cap Fin banking that isn’t. They haven’t been able to let go. It would be great if they sold off certain units, but also impossible. GE is a necessary evil, tbtf—but it is spread too thinly imo.
I saw that news this morning lol gladni don’t own it
What rock have you been living under ?
On April 10, 2015, Jeffrey R. Immelt, the CEO of General Electric, announced that GE would sell most of GE Capital over the next two years.
The following areas were sold:
GE Capital Sponsor Finance was sold to Canada Pension Plan Investment Board and Sumitomo Mitsui Banking Corporation
GE Capital Real Estate was sold to The Blackstone Group and Wells Fargo
The majority of GE Commercial Lending & Leasing was sold to Wells Fargo. Operations in Germany and France were sold to Crédit Mutuel. Operations in Australia were sold to Sankaty Advisors.
Mubadala GE Capital, a joint venture with Mubadala Development Company, was sold to MidCap Financial, a portfolio company of Apollo Management.
GE Capital Rail Services was sold to First Union Rail, a subsidiary of Wells Fargo, and Marmon Group
GE Capital Bank was sold to Goldman Sachs.
GE Healthcare Finance Services was sold to Capital One.
GE Capital Equity was sold to Ardian.
GE Capital Transportation Finance was sold to BMO Financial Group.
GE Capital Corporate Finance - Aircraft was sold to Global Jet Capital, a portfolio company of AE Industrial Partners, the Carlyle Group and GSO Capital Partners.
GE Capital's Mexican equipment lending and leasing operations were sold to Linzor Capital Partners.
GE Trailer Fleet Services was sold to Element Financial and Arval.
GE Capital's Japanese capital finance, fleet service and vendor finance businesses were sold to Sumitomo Mitsui Financial Group
GE Capital's American restaurant finance operations were sold to First Horizon National Corporation, Wintrust Financial and Sterling Bancorp. Its hotel franchise operations were sold to Western Alliance Bancorp.
As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank. GE Capital was then composed only of the original commercial/industrial bank in the United States. GE Capital provided credit services solely to businesses and merchants in the United States, and acts as a multi-product commercial finance bank, and uses deposit Accounts to fund commercial loans and leases.The company served various industries, such as automotive, consumer electronics, flooring, healthcare, home furnishings and improvement, HVAC, elective health care, jewelry, landscaping and irrigation, luxury goods, marine, music, outdoor power equipment, pool and spa, power sports, recreation vehicle, sewing, sporting goods, travel, vacuum, and water treatment industries. GE Capital Bank was a member of the Federal Deposit Insurance Corporation (FDIC). GE Capital Bank was sold to Goldman Sachs in 2016.
I see the new CEO took a goodwill impairment of $21.973 billion for the quarter .