GE to Sell Online Deposit Platform to Goldman Sachs
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GE headquarters; the company is moving to exit the financial services sector.
FAIRFIELD, CT—Continuing to move quickly toward an exit from the financial services business, GE Capital on Thursday said it would sell its US online deposit platform, along with all deposits of GE Capital Bank, to Goldman Sachs Group. Under this agreement, approximately $8 billion in online deposit accounts and $8 billion in brokered CDs will be transferred to Goldman Sachs Bank. The move follows GE Capital’s $9-billion sale of its healthcare finance unit to Capital One earlier this week.
“As we work to reduce the size and complexity of GE Capital, this transaction is another key step,” says Keith Sherin, GE Capital’s chairman and CEO. “It advances GE Capital’s new strategic direction by facilitating closure of one of our two US bank charters, which we believe will help us become less systemically important.”…
