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Goldman Sachs In Talks To Buy General Motors’ Credit-card Business: WSJ

(RTTNews) – Goldman Sachs Group Inc. is reportedly seeking to buy the credit-card business of General Motors Co. (GM).

According to WSJ, citing people familiar with the matter, Goldman Sachs is among a small number of bidders for the auto giant’s credit-card business, which has about $3 billion in outstanding balances.

Goldman currently holds $2.3bn in credit card loans, up from $1.9bn at the start of the year.

Last year, Goldman had launched a credit card with Apple Inc. (AAPL) synced to iPhone users’ Apple Wallet.

Since taking over Goldman Sachs, Chief Executive David Solomon has been increasing the company’s consumer franchise as the bank’s core trading and investment banking businesses continues to weaken.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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