U.S. industrial conglomerate General Electric (NYSE: GM) said it will record an after-tax charge of $6.2 billion in its fourth-quarter results as part of an ongoing review of its finance arm's insurance portfolio.
The company, which started the review last year, also said its GE Capital unit expects to make statutory reserve contributions of about $15 billion over seven years.
In November, GE's new Chief Executive John Flannery outlined steps to turn the biggest U.S. industrial conglomerate into a smaller, more focused company.
GE also cut its annual dividend to 48 cents from 96 cents, only the third in the company's 125-year history.
"At a time when we are moving forward as a company, a charge of this magnitude from a legacy insurance portfolio in run-off for more than a decade is deeply disappointing," Flannery said in a statement on Tuesday.
As for the inroads GE was still making with its customers – and big ones at that -- Walmart Tuesday announced results of an extensive lighting program with Current, powered by GE at the National Retail Federation’s Big Show.
As part of an ongoing commitment to energy efficiency, Walmart has now installed more than 1.5 million LED (light emitting diode) fixtures across more than 6,000 stores, parking lots, distribution centers and corporate offices in 10 countries.
GE shares declined 55 cents, or 2.9%, to $18.21 late morning Tuesday.
