Barclays reportedly leading the race to take over GM credit card programme from Goldman Sachs
Goldman Sachs is reportedly in talks with British bank Barclays over the potential sale of its General Motors credit card programme as it continues its retail banking retreat.
Goldman Sachs is reportedly in talks with Barclays over its GM credit card programme
A report by The Wall Street Journal this week says Barclays is the leading contender in the race to take over the programme, which specifically serves purchasers and owners of General Motors vehicles.
Barclays previously went head-to-head with Goldman Sachs four years ago during the initial sale of the programme by its then-issuer Capital One, but was outdone by the US bank’s reported $2.5 billion bid.
Reports that Goldman was looking to sell the business to a new issuer emerged in November last year.
The bank has been moving away from its retail banking operations over the last year. This retreat has included the sale of its personal financial management (PFM) business to Creative Planning last August and the sale of buy now, pay later (BNPL) provider GreenSky to a Sixth Street-led investor consortium in October.
The bank also agreed a deal to sell Marcus Invest’s digital investing accounts to robo-advisor Betterment late last month.
This activity is based on the initiative of chairman and CEO David Soloman, who first actioned the “narrowing of our consumer business” in 2022 as part of the bank’s efforts to refocus on its “two core franchises”, being investment banking and asset management.
FinTech Futures has reached out to Goldman Sachs for comment.
