ML-Implode News - GE, Seeking to End "Systemic Risk" Designation, to Sell Commercial Lending Biz to Wells Fargo

The deal, announced Tuesday, is the largest divestiture yet in GE's rapid dismantlement of its GE Capital lending unit that once contributed roughly half the parent company's annual profits and just last year had assets that would make it the country's seventh-largest bank.
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GE's move to largely exit its financial services arm comes after years of discontent from GE's investors, who didn't want their stakes in a leading industrial company to come attached to the risk associated with a giant lending business.
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GE Chief Executive Jeff Immelt has said the company would prioritize the sales of its U.S. lending businesses this year, and that the company will apply in 2016 to be relieved of its designation as a "systemically important financial institution," a label GE Capital required after the financial crisis that subjected it to supervision by the Federal Reserve.

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GE, Seeking to End "Systemic Risk" Designation, to Sell Commercial Lending Biz to Wells Fargo