GE reportedly in talks to sell over $30bn worth of loans to Wells Fargo

General Electric Co. (GE) is reportedly in advanced talks to sell more than $30 billion worth of loans to American multinational banking & financial services holding company Wells Fargo, a person familiar with the talks said. Speaking on the condition of anonymity, a source claiming direct knowledge of the matter said Wells Fargo outbid other parties for GE's vendor financing, commercial distribution finance and direct lending assets.

The reported sale of the loans would leapfrog GE past its aim of shedding nearly $100 billion worth of finance assets by the end of 2015.

The source said the talks are in an advanced stage. However, neither GE nor Wells Fargo confirmed the talks.

On Monday this week, GE announced its latest divestment deal, which it signed an agreement for its North American corporate aircraft financing portfolio. The deal brought its total deals to $97 billion.

Earlier in April, GE announced its plans to sell off nearly $200 billion in GE Capital financing assets so that it could focus more on its manufacturing of industrial goods, beginning a series of transactions for the American conglomerate.

GE's overhaul garnered fresh attention a few days back when activist investor Nelson Peltz-led Trian Fund Management announced that it had taken a $2.5 billion stake in the company.