GE pares off financial unit and returns to industrial roots

April 10, 2015 12:20 PM

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General Electric is getting out of the lending business, a major profit generator, as it focuses more on its industrial business and sheds a massive financial unit that had its own set of risks.

The company will buy back as much as $50 billion of its own stock, sending shares up more than 9 percent before the opening bell Friday and toward a new high for the year.

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