Goldman to buy GM's credit card unit for $2.5 billion - WSJ

Goldman to buy GM's credit card unit for $2.5 billion - WSJ

Reuters  | Oct 01, 2020 21:05

Goldman to buy GM's credit card unit for $2.5 billion - WSJ

(Reuters) - Goldman Sachs Group Inc (N:GS) is buying General Motors Co's (N:GM) credit card business for about $2.5 billion (£1.94 billion), the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The Wall Street bank won the bidding for the deal over Barclays Plc (L:BARC), according to the report.

GM's credit card issuer Capital One Financial Corp (N:COF) and Goldman have agreed upon the purchase price and expect to finalize the deal in the coming weeks, the report said.

The acquisition will enhance Goldman's focus on its consumer banking business, which it is expanding to even out volatile results from segments such as trading and investment banking.

Goldman currently has a much smaller presence in consumer banking, unlike larger peers JPMorgan Chase & Co (N:JPM) and Citigroup Inc (N:C), and it is an area Chief Executive Officer David Solomon has been aggressively looking to strengthen.

It is the bank's second major credit card partnership, following the launch of a card with Apple Inc (O:AAPL) last year.

The purchase would also come at a time when U.S. households are cutting back on debt in response to the COVID-19 pandemic.

© Reuters. FILE PHOTO: FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the NYSE in New York

Goldman Sachs and Barclays declined to comment, while GM did not immediately respond to a request for comment.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Omet Hasan
Omet Hasan

<a href="https://whatsmyreferer.com">click</a>  ... (Read More)

Oct 01, 2020 18:47 GMT· 2 · Reply
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.

';