The Wall Street Journal reported General Electric is considering breaking off large parts of its lending business in response to investor concerns that the conglomerate has become one of the largest banks in the U.S.

Despite the recent strides made by GE to reduce its GE Capital division via the selling of assets and allowing its loan portfolio to shrink, top executives are now looking at going further, according to the Wall Street Journal report.

Potential moves could include selling businesses in GE Capital's consumer-finance portfolio, such as private-label credit cards or showroom financing for products. The report states such cuts could reduce GE Capital's loan portfolio by as much as 16%.

A spokesman for GE was not immediately available for comment according to the report.