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Goldman Sachs reportedly seeks new issuer for General Motors credit card

  • Goldman Sachs Plans to Sell GM Credit Card Program
    • Goldman Sachs is reportedly planning to sell its General Motors (GM) credit card program.
    • The program allows purchasers and owners of GM vehicles to earn rewards through the GM credit card.
    • Background:
      • Goldman Sachs acquired the credit card business from Capital One in October 2020 for $2.5 billion.
      • The bank beat out other bidders, including Barclays, for the acquisition.
    • Current Situation:
      • Goldman Sachs has informed its Platform Solutions division of its intention to sell the business to a new issuer.
      • The bank is in the process of retreating from the retail banking market.
    • Previous Ventures:
      • Goldman Sachs had previously launched a credit card scheme with Apple in 2019.
      • Reports suggest the bank is looking to offload its business with Apple as well.
    • Retail Banking Retreat:
      • The bank has been gradually stepping back from retail banking, as evidenced by the sale of its personal financial management business and GreenSky.
      • The CEO, David Solomon, emphasized the focus on advancing the strategy for its core franchises amid the consumer business narrowing.

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