General Electric's $30 billion sale may affect Moberly workers

3 years 1 month 5 days ago Friday, October 16 2015 Oct 16, 2015 Friday, October 16, 2015 9:19:45 AM CDT October 16, 2015 in News
By: Connor Smith, KOMU 8 Reporter
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MOBERLY - Almost 100 employees in Moberly will be working for a new company this January. 

General Electric Capital announced a $30 billion sale to Wells Fargo this week. Wells Fargo will gain approximately 3,000 workers nationwide from General Electric in the sale.

"They have signed a transaction to sell that business to Wells Fargo," said Glen Clark, GE executive vice president. "Wells Fargo has agreed to pull over the business and the employees."

Clark said Moberly employees are expecting the sale to close in the first quarter of 2016. GE first announced its desire to reduce GE Capital last April. This sale is the biggest sale since GE's announcement. 

"This is our largest transaction to date and a critical step in our efforts to reduce the size of GE Capital," said Keith Sherin, GE Capital chairman and CEO.

Clark said it is business as usual for now in Moberly until the sale is closed. He didn't want to speculate whether or not Wells Fargo would add jobs after the takeover. 

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