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News

Goldman Sachs, Barclays bid for GM's credit card business

Thursday 13 August 2020 10:50 CET | News

Goldman Sachs and Barclays have reportedly announced intentions to buy General Motors' credit card unit as they look to increase their consumer banking arm, according to Reuters.

The two companies are part of a small number of bidders for the automaker’s credit card business, which has about USD 3 billion in outstanding balances, the WSJ reported, cited by Reuters. Goldman currently has a smaller presence in consumer banking, unlike peers JP Morgan Chase and Citigroup.

As part of its consumer push, Goldman has been offering personal loans and savings accounts through its online bank Marcus. Goldman launched a credit card with Apple in 2019 that is synched with iPhone users’ Apple Wallet, and can be used to buy Apple products at a discount. In their pitches to GM, Goldman and Barclays have pushed the idea of cars as ecommerce portals.

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Keywords: Goldman Sachs, Barclays, General Motors, GM, credit card business, consumer banking, automaker, outstanding balances, Reuters, JP Morgan Chase, Citigroup, Marcus, Apple, iPhone, Apple Wallet, ecommerce
Categories: Payments & Commerce
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Countries: World
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