Goldman Sachs in talks to transfer GM credit card partnership to Barclays

Goldman Sachs is in talks to transfer its General Motors credit card program to Barclays, the Wall Street Journal reported on Monday citing people familiar with the matter.

Barclays is the leading candidate to take over issuance of the credit cards, which have about $2 billion of outstanding balances, the report said, adding that US Bancorp and Bread Financial were among the other suitors considered, but fell away.

A deal could be could struck by this summer, the report said.

Goldman Sachs and Barclays declined to comment on the report, while GM did not immediately respond.

Goldman Sachs had planned to scrap its co-branded credit cards with GM last November. The credit card program, issued by Mastercard through Goldman Sachs, was launched in 2022 to let customers earn more points to put towards buying or leasing Buicks, Cadillacs and other GM cars.