Goldman Sachs to Sell GM Credit Card Business to Barclays
Goldman Sachs and Barclays are nearing a deal for the $2 billion General Motors credit card business portfolio. The deal would see Goldman Sachs sell the portfolio to Barclays at a discount to the value of the outstanding balances, Bloomberg reported.
Goldman Sachs CEO David Solomon said Monday that the bank had made “significant progress on the transition of the GM card platform” and it expected to take a $400 million hit from the sale and other small retail ventures.
Goldman Sachs had planned to end its co-branded credit cards with GM last November. The credit card program, issued by Mastercard through Goldman Sachs, was launched in 2022.
The sale of the GM credit card portfolio is part of Goldman Sachs’ move to narrow its focus on consumer services.
