This past week, General Electric has announced that it will offload a majority of its financial services business. CEO Jeff Immelt stated that it will sell or spin-off most of GE Capital. This includes operations such as commercial lending for middle-market companies. This is part of its plan to shift its focus back to its industrial business. It intends to dispose of assets that account for about three-quarters of GE Capital's assets. GE has already sold $26.5bn of property assets to Blackstone and Wells Fargo. GE will keep leasing operations that are directly tied to GE's manufacturing businesses. After this announcement, GE's shares shot up 10.8%. Jack Welch, legendary GE CEO and Immelt's predecessor, has approved the move. Wall Street has also followed suit. An analyst at Morgan Stanley, Nigel Coe, stated: "the disposals would be positive for GE’s shares, because earnings from the industrial businesses were more highly rated by investors than earnings from financial services". After this move, GE expects its industrial operations to generate 90% of its profits by 2018. With the changing financial landscape, it is a good move for GE to return to its industrial roots.