GE says its spinoff of credit card business on track for late July
General Electric is targeting late July for the initial public offering of its credit card business, named Synchrony Financial.
The announcement Friday, which was included in the company's second-quarter earnings report, is the first step in GE's exit from that line of business.
General Electric Co. is trying to become a more focused industrial conglomerate by shedding other divisions such as NBC Universal, real estate and some banking operations.
It said that it's on track to meet its goal of $1 billion or more in structural cost-out for the year, with $382 million of cost-out through the first half of 2014.