General Electric

General Electric wants sell off its venture capital arm

In this image, a man wearing a baseball cap walks in front of a building with a giant General Electric logo.
A General Electric employee walks past the GE headquarters in Belfort, France. Photo: Patrick Hertzog/AFP/Getty Images

General Electric is seeking to turn off the lights at its venture capital arm, which has invested in hundreds of companies since being founded in 2013.

Driving the news: CNBC's Christina Farr reported yesterday that GE Ventures "has been shopping itself for several months and is in discussions with other venture firms as well as groups of limited partners who invest in those funds," with Lazard managing the process.

General Electric scales back Boston HQ plans

Construction on GE's new Boston headquarters
Construction on GE's new Boston headquarters in April 2018. Photo: David L. Ryan/The Boston Globe via Getty Images

Just hours after Amazon bailed on New York City, General Electric confirmed Thursday that it will scale back plans for a new headquarters in Boston. It also will reimburse Massachusetts for $87.4 million in incentive payments.

The bottom line: New jobs promises are empty until people are actually hired.