General Electric has reportedly begun considering making deeper cuts in its banking business.
The decision comes as a result of the discontentment caused by the lending business among investors which weighed heavier than the returns, The Wall Street Journal has reported.
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The move is part the company’s goal to reduce exposure to financing and increase the profit contribution of its industrial businesses to 75% by 2016 from 55% in 2013.
GE CEO Jeff Immelt said in a letter to shareholders to be published on March 16 with the company’s annual report: "GE Capital must enhance our industrial competitiveness, not detract from it.
"We see a significant advantage in our ability to bring financial solutions to industries like aviation, energy and health care. But make no mistake, the ultimate size of GE Capital will be based on competitiveness, returns and the impact of regulation on the company."
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