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GE Capital
From Wikipedia, the free encyclopedia
GE Capital was at one time the financial services unit of General Electric and was headed by a single person. The unit, later split into four divisions, is responsible for a large portion of GE revenue. Each of the businesses that was a part of GE Capital now are run independently and role up only to the Chairman of GE, Jeff Immelt. The former units are often still collectively referred to as "GE Capital."
The company has been reorganized into different components:
- GE Commercial Finance - Servicing the needs of Businesses from local stores to the Fortune 500 elite
- GE Consumer Finance - Servicing the needs of Consumers through Private Label credit cards and other services.
- GE Equipment Services - which includes TIP and Penske Truck Leasing
Other businesses formerly considered to be a part of GE Capital, such as Healthcare Finance, Railcar Finance, etc. were incorporated into the corresponding Industrial Businesses as support functions.
At one time, a portion of GE Capital was GE Insurance. However, due to its dilutive effect on Return On Equity, the unit was removed as follows:
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- Reinsurance operations were sold to Swiss Re.
- Life insurance operations are being auctioned, with Swiss Re as the leading bidder.
- All other insurance operations were spun off into Genworth Financial.