Report: Goldman Sachs to Sell GM Credit Card Business to Barclays

Group 1 - Goldman Sachs and Barclays have reached a deal for Goldman to sell a $2 billion portfolio of loans made to General Motors customers at a discount [1] - Goldman Sachs CEO David Solomon indicated that the bank expects to incur a $400 million loss from the transition of the GM card platform and other retail ventures [1] - The transaction reflects Goldman Sachs' ongoing retreat from retail banking, which has faced losses and regulatory scrutiny [1] Group 2 - Goldman Sachs is still in the process of selling its portfolio of loans tied to Apple, another credit card partnership [2] - Barclays aims to add $10 billion in assets related to the business in the coming years [2] - The GM credit card program has experienced high charge-off rates, with over 10% on Goldman-originated accounts, compared to an annualized charge-off rate of 4.5% for American commercial banks [2] Group 3 - Goldman Sachs has been pivoting away from Main Street banking, having sold GreenSky and "substantially all" of the Marcus loans a year ago [3] - The bank has also reached an agreement with Betterment for the acquisition of Marcus Invest's digital investment accounts [3] - These changes indicate Goldman Sachs' focus on investments, banking, and market-oriented activities [3]