Goldman in Talks With Barclays on GM Credit Card Deal, WSJ Says [BNN Bloomberg (Canada)]
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The British lender is the lead candidate to take over the credit card portfolio with about $2 billion in outstanding balances, according to the newspaper, citing unidentified people familiar with the matter. A deal could be reached by summer, the report said, adding that another suitor may still re-emerge. The move would mark the latest attempt by Goldman to unwind its push into consumer banking over the past two years. Goldman's Platform Solutions unit, which includes the GM credit cards and other consumer lending, lost about $6 billion on a pretax basis from the beginning of 2020 through the first quarter of this year, the report said. Goldman signed a deal to take over General Motors' credit-card portfolio in 2021. Terms of the deal weren't disclosed at that time. ©2024 Bloomberg L.P. Top Picks
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