NEW YORK—Goldman Sachs continues its retreat from consumer lending. The bank is in talks to transfer its General Motors credit card program to Barclays, the Wall Street Journal reported.
“Barclays is the leading candidate to take over issuance of the credit cards, which have about $2 billion of balances outstanding, and could strike a deal with GM by this summer,” the Journal said.
According to the report, other suitors including U.S. Bancorp and Bread Financial were in the mix but recently stepped away.
‘No Guarantee’
“There is no guarantee Barclays will clinch a deal, and another suitor could re-emerge. The firm began issuing GM credit cards in 2022 and has struggled to add customers,” the Journal reported. “Goldman executives grew frustrated at what they saw as too little effort by GM car dealers to promote the card.”
As CUToday.info reported earlier, Apple and Goldman Sachs have also agreed to part ways on their Apple Card relationship. The Wall Street bank has also been winding down its Marcus retail banking unit after not seeing the kinds of success it had projected in offering consumer-facing offerings.
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