Goldman Sachs To Sell GM Card Portfolio To Barclays For $2 Billion In Discounted Deal

Goldman Sachs and Barclays are nearing a deal that would see the GM card portfolio to move to Barclays for $2 billion in a discounted deal according to Bloomberg. In early 2023 it was reported that Goldman Sachs would stop bidding for new card portfolios and in late 2023 it was announced Apple would be cutting ties with Goldman Sachs. Goldman Sachs is expected to take a $400 million dollar hit on the deal according to CEO David Solomon.