General Electric to sell off finance assets; announces stock buyback

April 11, 2015 11:18 PM

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General Electric to sell off finance assets; announces stock buyback

General Electric announced its plan to sell off finance assets and concentrate on manufacturing and industrial operations. The earnings from financial services segment have been declining at General Electric. The company also announced $50 billion stock buyback plan. GE CEO Jeff Immelt announced $5 billion upgrade plan for existing units to boost production and margins.

CEO Jeff Immelt also indicated the shareholders will receive higher payments in form of dividend. The stock jumped more than 10 percent after the announcement of stock buyback and sell off of the finance assets. Blackstone Group and Wells Fargo will acquire GE’s real estate portfolio for $26.5 billi...

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