Goldman Sachs will buy General Electric Capital Bank's online deposit platform and assume $16 billion worth of deposits from the industrial conglomerate, the companies announced Thursday. Financial terms of the deal were not disclosed. The transaction will shift from GE Capital Bank to Goldman $8 billion in online deposit accounts and $8 billion in brokered certificates of deposits, Goldman said. GE said the move was part of its strategy to vastly scale back its finance operations to focus more on industrial operations. The shift comes as large financial institutes face stiffening regulatory requirements. The conglomerate, which produces a wide range of products, from aircraft engines and home appliances to power plants and smart meters, wants industrial activities to generate 90 percent of its profits in 2018, compared with 58 percent in 2014.
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