NEW YORK—Goldman Sachs continues its efforts to exit its largely failed foray into consumer lending.
In its latest move, the company has plans to begin a process to sell its General Motors credit card program.
The Wall Street Journal reported the bank has informed a group of employees within its Platform Solutions division who work on the GM card that a process to find a new issuer will begin soon.
“GM is expected to run the process. The credit card program is largely marketed toward people who buy and own General Motors cars,” the Journal reported.
As CUToday.info reported earlier, Goldman Sachs is also breaking its relationship as the issuer of the Apple Card. Despite the hype that surrounded the launch of that partnership, the two companies have reportedly agreed to dissolve a deal that was to run through 2029.
In addition, Goldman is walking away from its broader consumer-focused effort called Marcus, which it launched in 2016.
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