Goldman Sachs plans to offload General Motors credit card program – report (NYSE:GS)

Goldman Sachs (NYSE:GS) is looking to offload a credit card program that’s marketed toward people who buy and own General Motors (NYSE:GM) cars, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

A group of staff within the investment bank’s Platform Solutions Division have been informed that a process to find a new issuer will start soon, the people said, noting that General Motors (GM) is expected to run the process.

The news comes as Goldman (GS), which began issuing the GM credit cards in 2022, has scaled back its consumer lending initiatives. Last month, Goldman sold specialty lender GreenSky after acquiring it last year.

Until a new issuer is found, the GM program will continue to be run by Goldman (GS), the article said. Employees will be eligible for pay equal to one year of their compensation should they be laid off.