- General Electric (GE +0.2%) has agreed to sell the largest remaining chunk of its U.S. financial services business to Wells Fargo (WFC -0.3%), part of the conglomerate’s ongoing bid to slim its operations.
- While the terms of the sale weren't disclosed, the businesses collectively have about $32B of assets.
- "Since our April 10 announcement, we've signed more than $126B in transactions, which is over 60% of our overall plan, and are on track to become less than 10% of GE's earnings as the company transitions to a more focused digital industrial company," GE Capital CEO Keith Sherin said.
- The transaction is expected to close in the first quarter of 2016.
- Previously: Reuters: GE nears deal to sell $30B-plus of loans to Wells Fargo (Oct. 09 2015)