Wednesday 12 August 2020 5:16 pm

Goldman and Barclays eye General Motors' credit card business

Goldman Sachs and Barclays are reportedly among bidders for General Motors credit card unit.

The two banks are among a small number of suitors for the car company’s credit card business which has about $3bn (£2.3bn) in outstanding balances, according to The Wall Street Journal.

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Goldman currently has a relatively small presence in consumer banking, compared to larger peers such as JP Morgan and Citigroup, and it is an area chief executive David Solomon has been aggressively looking to strengthen.

As part of its consumer push, Goldman has been offering personal loans and savings accounts through its online bank Marcus, which has grown quickly since its 2016 launch.

Goldman launched a credit card with Apple last year that is synced with iPhone users’ Apple Wallet and can be used to buy Apple products at a discount.

Goldman launched Marcus – which is named after the US financial giant’s founder Marcus Goldman – in 2018 in the UK.

Read more: Goldman Sachs digital brand Marcus pauses applications for savings account

Marcus attracted 50,000 customers in the first two weeks following its UK launch.

Marcus has since partnered with over 50’s insurance and travel business Saga to offer products to its customers.

Barclays and General Motors declined to comment. Goldman was contacted for comment.