Investing
Goldman Sachs plans to offload GM credit card – source
© Reuters. FILE PHOTO: The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo
(Reuters) -Goldman Sachs plans to offload its General Motors (NYSE:) credit cards, a person familiar with the matter told Reuters on Tuesday.
GM will start a process to find a new issuer for the cards instead of Goldman Sachs, the source added.
The automaker did not immediately respond to a Reuters request for comment. The development was first reported by the Wall Street Journal.
Last month, Goldman beat third-quarter profit estimates helped by a nascent recovery in dealmaking but the bank’s ill-fated foray into consumer banking, which has lost $3 billion over three years, has continued to weigh.
Goldman CEO David Solomon has now shifted the firm’s focus back to its traditional strengths – investment banking and trading – and aims to grow in asset and wealth management.
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