GE $126 Billion Asset Sales Set Up Too-Big-to-Fail Exit
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The company logo sits submerged in a testing pool at the General Electric Co. (GE) manufacturing plant in Montrose, U.K., on Wednesday, Dec. 11, 2013.
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Bid to shed SIFI status to come in first quarter, Sherin says
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GE Capital sees disposals `substantially done’ by end of 2016
General Electric Co.’s sweeping plan to divest its U.S. finance operations neared completion Tuesday, putting the industrial giant on the verge of ending its status as a too-big-to-fail lender.
GE intends to apply in the first quarter to drop its federal designation as a systemically important financial institution, said Keith Sherin, chief executive officer of the GE Capital unit. A deal Tuesday with Wells Fargo & Co. to sell $32 billion in assets brings the agreed-upon disposals to $126 billion and leaves just one sizable U.S. division left to unload…
GE $126 Billion Asset Sales Set Up Too-Big-to-Fail Exit
