NEW YORK (Reuters) -Basic Motors is in talks with Barclays for a bank card partnership deal that may change present accomplice Goldman Sachs, a supply conversant in the matter advised Reuters.
Goldman Sachs has been on the lookout for “strategic alternate options” for its client unit since final 12 months after its CEO David Solomon determined to reduce the agency’s retail ambitions in late 2022.
The Wall Avenue Journal earlier reported that Barclays is the main candidate to take over issuance of the bank cards, which have about $2 billion of excellent balances.
Together with the Apple (NASDAQ:) Playing cards partnership, Goldman Sachs had bank card mortgage balances of $19 billion on the finish of the primary quarter, its earnings presentation confirmed. It didn’t individually get away GM’s card mortgage balances within the presentation
Goldman Sachs, Barclays and GM declined to remark.
Goldman Sachs had deliberate to scrap its co-branded bank cards with GM final November. The bank card program, issued by Mastercard (NYSE:) by means of Goldman Sachs, was launched in 2022 to let clients earn extra factors to place in direction of shopping for or leasing Buicks, Cadillacs and different GM automobiles.
Goldman Sachs and Apple are additionally weighing a possible finish to their card partnership, however the Wall Avenue financial institution will face strain from bidders to scale back the worth of its stake with a view to make the value extra enticing, Reuters reported earlier, citing two sources conversant in the matter.
