General Electric Co has hired Goldman Sachs Group Inc and JPMorgan Chase & Co to lead the initial public offering of its North American retail finance business, the Financial Times reported on Friday, citing anonymous sources. A filing is expected in the next two months, the report said.GE announced plans in November to spin off its credit card business into a separately traded company as it tries to reduce its exposure to its financial businesses.The company said at the time that it planned an IPO of up to 20 percent of the retail finance business in 2014. In 2015, GE plans to exit the rest of the business by giving its shareholders the chance to swap GE stock for shares of the new company.The new company should be worth roughly $16 billion to $18 billion, bankers have estimated.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.53% or $-0.88/share to $164.96. In the past year, the shares have traded as low as $137.29 and as high as $181.13. On average, 2905420 shares of GS exchange hands on a given day and today's volume is recorded at 2371743.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.54% or $-0.3/share to $55.70. In the past year, the shares have traded as low as $46.05 and as high as $59.82. On average, 18198000 shares of JPM exchange hands on a given day and today's volume is recorded at 13062519.
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