AI Legalese Decoder: Simplifying the Complexities of Goldman Sachs’ GM Credit-Card Partnership Transfer to Barclays
- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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Goldman Sachs in Talks to Transfer GM Credit-Card Program to Barclays
(Reuters) – Goldman Sachs is currently in discussions to transfer its General Motors credit-card program to Barclays, as reported by the Wall Street Journal on Monday, according to sources familiar with the situation.
Barclays is emerging as the top candidate to assume responsibility for issuing the credit cards, which have approximately $2 billion in outstanding balances, the report noted. Other potential suitors such as U.S. Bancorp and Bread Financial were also considered but ultimately did not proceed with the opportunity.
A potential agreement could be reached by the summer months, as outlined in the report.
Despite the news, responses to Reuters’ requests for comment from Goldman, GM, and Barclays are still pending.
In a move initially planned for last November, Goldman Sachs intended to discontinue its co-branded credit cards in collaboration with GM.
The credit-card program, facilitated by Mastercard through Goldman Sachs, was introduced in 2022 to provide customers with the ability to accumulate more points towards the purchase or lease of Buicks, Cadillacs, and other GM vehicles.
(This story has been refiled to replace the outdated Goldman Sachs logo)
(Reporting by Angela Christy in Bengaluru; Editing by Varun H K)
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