Goldman Sachs Group Inc. is looking for to accumulate the credit-card enterprise of General Motors Co., doubling down on shopper banking and betting on a future the place folks pay for fuel, takeout and groceries from the motive force’s seat.
The Wall Road agency is amongst a small variety of bidders for the auto maker’s credit-card enterprise, which has about $three billion in excellent balances, in line with folks conversant in the matter.
There isn’t a assure that GM will finally select to switch its present card issuer, Capital One Financial Corp., or that Goldman will win. Barclays PLC can be within the working, a number of the folks mentioned, and a call is predicted within the subsequent few weeks.
Goldman launched its first credit card last year, partnering with Apple Inc. and positioning it as a tech-enabled and safe different to an outdated product rife with fraud. The Apple card is digitally issued onto customers’ iPhones in minutes and makes use of location information to categorize and monitor spending.