Goldman Sachs in talks to transfer GM credit-card partnership to Barclays, WSJ reports (updated)

Bread Financial Holdings

30/04/2024 05:01

(Adds details from the report in paragraphs 2-3 and background
in paragraphs 5-6)
       April 29 (Reuters) - Goldman Sachs  GS.N  is in talks to
transfer its General Motors  GM.N  credit-card program to
Barclays  BARC.L , the Wall Street Journal reported on Monday,
citing people familiar with the matter.
    Barclays is the leading candidate to take over issuance of
the credit cards, which have about $2 billion of outstanding
balances, the report said, adding that U.S. Bancorp and Bread
Financial  BFH.N  were among other suitors considered, but fell
away.
    A deal could be could struck by this summer, the report
said.
    Goldman, GM, and Barclays did not immediately respond to
Reuters' requests for comment.
    Goldman Sachs had planned to scrap its co-branded credit
cards with GM last November. 
    The credit-card program, issued by Mastercard through
Goldman Sachs, was launched in 2022 to let customers earn more
points to put toward buying or leasing Buicks, Cadillacs and
other GM cars.

 (Reporting by Angela Christy in Bengaluru; Editing by Varun H
K)
 ((AngelaChristy.M@thomsonreuters.com;))