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Goldman Sachs is reportedly planning to get rid of the General Motors credit cards. This was revealed this week by a person who knows the matter.
According to Reuters, since Goldman Sachs is set to offload its branded credit card, GM is said to be preparing to start the process of finding a new issuer. Then again, when contacted for comments, the Dearborn, Michigan automaker was not able to send an immediate response to the inquiry.
Employees Notified of the Discontinuation of the GM-Branded Card
Goldman Sachs is said to have informed its staff in its Platform Solutions unit about the offloading of General Motors’ credit card so the removal is already anticipated by the carmaker, as per The Wall Street Journal. The mentioned division that was notified about the plan is the one that directly manages the GM cards.
The GM credit card program being issued by Goldman Sachs is aimed at customers who purchased vehicles from the company. The bank is also the issuer of Apple Inc. which was previously reported to be offloaded as well.
Possible New Card Issuer
Benzinga reported that the investment bank firm has been in talks with American Express (AMEX) regarding interest in the Apple credit card program and now, they may also be discussing the GM card program. However, as of this time, it is not certain if AMEX will engage and absorb the cards.
Meanwhile, Goldman Sachs only started issuing GM credit cards last year and at that time, the company had high hopes of turning vehicles into e-commerce platforms which apparently, failed to materialize.
The move to drop its credit card business shows Goldman Sach’s final steps in reducing its consumer-lending division after it sold GreenSky to Sixth Street Group last month. At any rate, the bank will continue to run the General Motors credit card program until a new issuer is found.
Photo by: Akshay Sadarangani/Unsplash
