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Financial News: GE Capital's downsizing welcomed
Posted by:peter 35 days ago • Discuss
In a year that saw some of the world’s biggest banks buckle under the strain of a deepening credit crisis, few investors would blame General Electric for shrinking its own finance arm.
Indeed, GE’s shares surged by 14 per cent on Tuesday after executives revealed details of a plan to wean the company off its dependency on financial services for profit, while assuring its GE Capital division can prosper as what Michael Neal, the unit’s chief executive officer, called a “well-funded, but smaller, business”.
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