Barclays reportedly leading the race to take over GM credit card programme from Goldman Sachs

Potential Sale of GM Credit Card Programme: Goldman Sachs is reportedly in talks with Barclays regarding the potential sale of its General Motors (GM) credit card programme, which specifically serves purchasers and owners of General Motors vehicles.
Barclays as Leading Contender: Barclays is reported to be the leading contender in the discussions to acquire the programme. Notably, Barclays had previously competed with Goldman Sachs during the initial sale of the programme by its then-issuer Capital One four years ago.
Goldman’s Retail Banking Retreat: Goldman Sachs has been moving away from its retail banking operations over the past year. This retreat has included the sale of its personal financial management (PFM) business to Creative Planning and the sale of buy now, pay later (BNPL) provider GreenSky to a Sixth Street-led investor consortium.
Other Sales by Goldman: Additionally, Goldman Sachs agreed to sell Marcus Invest’s digital investing accounts to robo-advisor Betterment late last month. These actions align with the initiative of chairman and CEO David Solomon to narrow the bank’s consumer business focus and refocus on its core franchises of investment banking and asset management.

Share the post