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Goldman’s push into client finance continues to be a catastrophe. Whereas CEO David Solomon had grand plans, your complete transfer has confirmed to be an unmitigated catastrophe.
The foray value the corporate about $6 billion from 2020 by means of the primary quarter of this yr. So, the nice unwinding continues.
We discovered yesterday that Barclays is the main contender to take over the GM bank card enterprise that Goldman acquired in 2020. Apparently, its most important competitor in that course of was Barclays.
GM’s bank card enterprise has about $2 billion in excellent balances, down from $3 billion in 2020. The deal has not closed but, and it might come undone as an settlement on value has not but been reached.
Subsequent on the chopping block will doubtless by the Apple Card which Goldman has additionally indicated it’s excited by offloading.
It has been fascinating to observe the journey of Goldman’s client enterprise since 2016. At some point, it can present a wealthy case research for enterprise faculty college students.
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> GM in Talks to Transfer Credit score-Card Enterprise From Goldman to Barclays
Deal together with roughly $2 billion of card balances might be struck by summer time.
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