Goldman Sachs to issue credit cards for General Motors

Goldman Sachs to issue credit cards for General Motors

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid

REUTERS: Goldman Sachs said on Friday (Jan 15) it expects to become the issuing bank for automaker General Motors' credit card business, starting September this year.

Media reports in October said that Goldman had won the bidding over Barclays Plc for the automaker's credit card business in a US$2.5 billion deal.

Goldman and GM did not disclose the terms of the deal but said that Mastercard Inc will remain the network for the card.

The deal will enhance Goldman's focus on its consumer banking business, which it is expanding to even out volatile results from segments such as trading and investment banking.

This is the bank's second major credit card partnership, following the launch of a card with Apple in 2019.

Source: Reuters

Bookmark