VTI - Goldman Sachs Mulls GM Credit-Card Program Shift To Barclays: Report | Benzinga
Goldman Sachs Group Inc (NYSE:GS) is reportedly in discussions to shift its General Motors Company (NYSE:GM) credit-card program to Barclays PLC (NYSE:BCS), marking a huge move in Goldman’s withdrawal from consumer lending.
Barclays emerges as the top contender to take over the credit-card issuance, which currently holds approximately $2 billion in balances, according to a report from The Wall Street Journal. A potential agreement could be reached by summer.
While other contenders like U.S. Bancorp (NYSE:USB) and Bread Financial Holdings Inc (NYSE:BFH) were initially in the running, they have recently withdrawn, according to the report.
However, there’s no assurance that Barclays will finalize the deal, as another potential buyer might emerge.
Goldman’s decision to ...