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SEC investigating GE charge; company posts $10 billion loss
Source: Reuters
#BUSINESS NEWS JANUARY 24, 2018 / 6:54 AM / UPDATED 21 MINUTES AGO
SEC investigating GE charge; company posts $10 billion loss
Alwyn Scott
5 MIN READ
NEW YORK (Reuters) - U.S. securities regulators are probing a massive insurance charge recently announced by General Electric Co (GE.N), the latest blow to the nation’s largest industrial conglomerate as it struggles to reverse steep declines in some of its units and is looking to sell off $20 billion of assets.
GE announced the probe after reporting a $10-billion loss in the latest quarter, hurt by a $6.2 billion charge to increase insurance reserves, which it disclosed last week, and steep declines in profit in its power and transportation divisions.
Its shares were down 2.7 percent at $16.44 in afternoon trading in New York. They have fallen 43 percent over the past year.
GE said the probe by the U.S. Securities and Exchange Commission began in late November and initially focused on long-term service agreements for maintenance of power plants, jet engines and other industrial equipment.
-snip-
SEC investigating GE charge; company posts $10 billion loss
Alwyn Scott
5 MIN READ
NEW YORK (Reuters) - U.S. securities regulators are probing a massive insurance charge recently announced by General Electric Co (GE.N), the latest blow to the nation’s largest industrial conglomerate as it struggles to reverse steep declines in some of its units and is looking to sell off $20 billion of assets.
GE announced the probe after reporting a $10-billion loss in the latest quarter, hurt by a $6.2 billion charge to increase insurance reserves, which it disclosed last week, and steep declines in profit in its power and transportation divisions.
Its shares were down 2.7 percent at $16.44 in afternoon trading in New York. They have fallen 43 percent over the past year.
GE said the probe by the U.S. Securities and Exchange Commission began in late November and initially focused on long-term service agreements for maintenance of power plants, jet engines and other industrial equipment.
-snip-
Read more: https://www.reuters.com/article/us-ge-results/sec-investigating-ge-charge-company-posts-10-billion-loss-idUSKBN1FD1IC
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