General Electric Co. announced on Thursday an agreement to sell GE Capital Bank’s U.S. online deposit platform to Goldman Sachs Group Inc.’s Goldman Sachs Bank USA. As part of the deal, about $16 billion worth of deposits, including online savings accounts and certificates of deposit (CDs), will be transferred to GS Bank. The value of the deal was not disclosed. GE Capital Bank’s president, Scott Roberts, is expected to join GS Bank. “As we work to reduce the size and complexity of GE Capital, this transaction is another key step,” said GE Capital Chief Executive Keith Sherin. “It advances GE Capital’s new strategic direction by facilitating closure of one of our two U.S. bank charters, which we believe will help us become less systemically important.” GE’s stock, which edged up 0.1% in after-hours trade, has gained 2.1% year to date, while the Dow Jones Industrial Average has lost 2.3%. Goldman Sachs shares were little changed in after-hours trade.
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