GE records huge Q3 loss on Baker Hughes sale

General Electric increased industrial product and service sales 1 percent in the third quarter, but overall revenue was pulled down by its GE Capital division in Norwalk which the conglomerate continues to shrink one year into the tenure of CEO Larry Culp Jr.

GE recorded a $9.5 billion loss for the quarter, most of it to account for GE ceding ownership of the oil field services company Baker Hughes which GE acquired in 2017 a year after former CEO Jeff Immelt moved GE’s headquarters to Boston from Fairfield.

GE also took an $800 million charge against earnings for a former insur