General Electric Co. is considering making deeper cuts in its banking business, the Wall Street Journal reported, citing people familiar with the matter.

GE has decided that returns from lending are no longer worth the ire it provokes among investors, the Journal cited the people as saying.

The company has been trying to reduce exposure to financing and increase the profit contribution of its industrial businesses to 75 percent by 2016 from 55 percent in 2013.

"GE is an industrial company first and foremost," Chief Executive Jeff Immelt says in a letter to shareholders to be published on March 16 with the company's annual report.

"But make no mistake, the ultimate size of GE Capital will be based on competitiveness, returns and the impact of regulation on the entire company."

GE's shares were up slightly at $25.23 in extended trading on Wednesday.