Wells Fargo agreed to buy about $32 billion in assets from General Electric and take on about 3,000 employees as the industrial giant retreats from financial services.

The sale includes commercial-distribution, vendor and corporate finance units from GE Capital, San Francisco-based Wells Fargo said Tuesday in a statement that didn't include additional terms. The transaction is expected to be completed in the first quarter of 2016 and would allow GE's finance unit to return about $4.2 billion of capital to its parent, GE said in a separate statement.

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