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Goldman Sachs To Call It Quits With GM Credit Card Program?

In a move that reflects a broader reassessment of its consumer lending efforts, Goldman Sachs Group Inc. (NYSE:GS) is preparing to offload its General Motors (NYSE:GM) credit card program. The sale process is expected to be supervised by General Motors itself.

What Happened: Goldman Sachs’ move was announced internally on Tuesday, according to people familiar with the situation, The Wall Street Journal reported.

The bank informed employees within its Platform Solutions division, which handles the GM card, about the upcoming search for a new issuer. The process is anticipated to be led by General Motors.

The GM credit card program targets General Motors vehicle purchasers and owners. Goldman Sachs is also the issuer behind the larger Apple Inc. (NASDAQ:AAPL) credit card. Efforts by Goldman to reduce costs in its card programs failed to meet targets, prompting the decision to explore a sale.

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Goldman Sachs has been in discussions with American Express regarding interest in the Apple card program and possibly the GM card program. However, it’s uncertain if American Express will engage in the sales process. Goldman started issuing GM credit cards ...

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