According to a recently released 10-K, General Electric reported its GE Capital full-year revenues of $9.1 billion in 2017 were down 16.5% from $10.9 billion for the same period in 2016. GE noted the GE Capital verticals showed a loss of $6.8 billion for the year 2017 which compared to a loss of $1.3 billion a year earlier.

According to the 10-K, GE “plans to take actions to make GE Capital smaller and more focused, including a substantial reduction in the size of GE Capital’s Energy Financial Services and Industrial Finance businesses over the next 24 months.“ The two verticals combined showed Q4/17 assets of $35.7 billion.

The following highlights were excerpted from the General Electric 10-K presentation and GE’s Q4/17 supplement:

• Rich Laxer, former chairman and CEO of GE Capital will retire effective March 31, 2018. Twenty-five year GE veteran Alec Burger assumed the role of president, GE Capital on January 2, 2018.
• The GE Capital verticals consist of industrial-aligned financial structuring and product support in Aviation (GECAS), Energy (EFS) and Industrial Finance which includes Healthcare Equipment Finance, Working Capital Solutions and Industrial Financing Solutions.
• GE Capital’s segment assets showed a total of $156.7 billion in Q4/17 consisting of the verticals ($115.5 billion/73.7%), other continuing operations ($35.3 billion/22.5%) and assets of discontinued operations ($5.9 billion/3.8%). GECAS, the largest vertical by asset size, showed segment assets of $40.0 billion at Q4/17.