Breaking news – GE Decides to Exit Banking David Gustin - April 10, 2015 9:57 AM | Categories: Receivables Finance | Tags: GE Capital When I wrote about banks exiting trade last week, little did I expect GE would be one of the banks exiting banking. GE Capital is mammoth and accounts for around half of GE’s profits. GE Capital’s operating profit was $7 billion last year. Its 500 billion in assets would make it the country’s seventh-largest bank. GE Capital operates a number of finance businesses, including GE Commercial Distribution Finance Corporation (GECDF). CDF provides $30B in annual inventory financing to the Technology, Electronics & Appliances, Powersport, Marine, RV and the Lawn and Garden industries with customers include Dell, Whirlpool, Polaris, and Brunswick. The WSJ stated, GE’s dramatic slim-down plan calls for the industrial giant to bring back some $36 billion in cash from overseas subsidiaries, a move most big multinational companies have put off because it comes with hefty taxes. It will cost GE $6 billion in taxes. What does this all mean? Will we see other announcements soon? Rumors are out there with other large banks downsizing. Do non banks become more important than ever for distribution finance, receivable finance, payable finance, etc.? See the WSJ article here Related Articles Discuss this: Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Notify me of new posts by email.