General Electric Co.’s finance business was once considered “too big to fail’’ by the U.S. government. These days, John Flannery is trying to make it too small to notice. The chief executive officer is selling the bulk of what’s left of GE Capital as part of an effort to remake the parent company into a less volatile – and much smaller – maker of aerospace and power equipment. When he’s done, the lending side, which GE has been downsizing since the financial crisis, will consist of a world-class aircraft leasing unit and not much else. It wasn’t that long ago that it offered everything from credit cards and commercial real estate loans to freight-train financing and pet insurance. Piece by Piece Assets of GE Capital units, as of first quarter 2018 Flannery’s plan, which also calls for spinning off the health-care division and backing out of the oil and gas market, would effectively complete the slow-motion breakup of a banking business that predecessors Jack Welch and Je...
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