No Longer Too Big to Fail, GE Capital Changes Its Connecticut Footprint
Credit: Harriet Jones for WNPR
By Harriet Jones, WNPR
Connecticut-based GE Capital is no longer too big to fail.
That’s the decision handed down from a federal oversight agency, and it means the company no longer needs to comply with the most stringent regulations put in place after the financial crash. It’s a further indication of just how much has changed for GE in the last year.
In heady days of the early aughts, General Electric relied on the massive financial services company it built, Norwalk-based GE Capital, for almost half its profits. But that all changed in the financial meltdown of 2008. GE Capital was designated a Systemically Important Financial Institution — too big to fail — and its parent company decided to turn away from banking, and back to its industrial roots.