(Reuters) - General Electric Co is considering making deeper cuts in its banking business, the Wall Street Journal reported, citing people familiar with the matter. GE has decided that returns from lending are no longer worth the ire it provokes among investors, the Journal cited the people as saying. "GE is an industrial company first and foremost," Chief Executive Jeff Immelt says in a letter to shareholders to be published on March 16 with the company's annual report. "But make no mistake, the ultimate size of GE Capital will be based on competitiveness, returns and the impact of regulation on the entire company." (Reporting by Lewis Krauskopf in New York and Radhika Rukmangadhan in Bengaluru; Editing by Kirti Pandey)

Source: Wall Street Journal May 20, 2024 20:27 UTC