The Wells Fargo Stagecoach makes its way down the street during the UBS Parade Spectacular in downtown Stamford on Sunday, November 21, 2010. The Wells Fargo Stagecoach makes its way down the street during the UBS Parade Spectacular in downtown Stamford on Sunday, November 21, 2010. Photo: Shelley Cryan / Shelley Cryan The Wells Fargo Stagecoach makes its way down the street during the UBS Parade Spectacular in downtown Stamford on Sunday, November 21, 2010. The Wells Fargo Stagecoach makes its way down the street during the UBS Parade Spectacular in downtown Stamford on Sunday, November 21, 2010. Wells Fargo completes GE Capital deal General Electric (NYSE: GE) completed the sale of the North American commercial lending and leasing business to Wells Fargo (NYSE: WFC), totaling assets of $31 billion and a workforce numbering 2,800 people at the time of the transfer. It is the largest sale of a GE Capital business since GE’s announcement in April 2015 to divest much of the Norwalk-based business, with GE having transferred assets totaling $136 billion to date. In January, Wells Fargo bought $4.1 billion in assets of GE Capital’s railcar services unit, making Wells Fargo the largest railcar leasing company in North America. Wells Fargo’s existing retail banking operations in Fairfield County are the fourth largest as measured by local deposits, at $4.1 billion as of June 2015 for a 10 percent share of the market. Alex.Soule@scni.com; 203-964-2236; www.twitter.com/casoulman
Wells Fargo has completed the purchase of the North American portions of GE Capital's Commercial Distribution Finance and Vendor Finance businesses, as well as a portion of its Corporate Finance businesses, totalling around $27.4bn in assets, including about $24bn of loans. Wells Fargo's President, Shelley Cryan, said "the completion of this transaction strengthens our capabilities and deepens out customers relationships in key commercial lending markets across the US and Canada".