Goldman Sachs Group Inc (GS.N) is looking to buy General Motors Co’s (GM.N) credit card unit as it looks to double down on its consumer banking arm. Barclays (BARC.L) is also among a small number of bidders for the automaker’s credit card business, which has about $3 billion in outstanding balances, the WSJ reported, adding that a decision was expected in the next few weeks.
Goldman currently has a much smaller presence in consumer banking, unlike larger peers JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N), and it is an area Chief Executive Officer 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 Inc (AAPL.O) last year that is synched with iPhone users’ Apple Wallet and can be used to buy Apple products at a discount.