Goldman Sachs Group Inc. is set to hand off a $2 billion portfolio of loans made to General Motors Co. customers after its foray into the credit-card business ended up a costly whiff.
Sridhar Natarajan and Jan-Henrik Förster, Bloomberg NewsBrooke Thackray, research analyst of Global X, joins BNN Bloomberg and talks his thoughts about credit card depth weighing in the U.S. economy.
The Wall Street giant is poised to sell the portfolio of loans to Barclays Plc at a discount to the value of the outstanding balances, according to a person with knowledge of the matter, who asked not to be identified because the deal hasn’t been announced. Goldman Chief Executive Officer David Solomon said Monday the bank expects to take a $400 million hit from the transition of its GM cards business and other small retail ventures.
Representatives for Goldman Sachs and Barclays declined to comment. “We’ve made significant progress on the transition of the GM card platform,” Solomon said Monday. “We expected some of that to come from the growth in the existing stock,” Venkatakrishnan told investors at a conference this week. “We also said over a three year period you’ve got to assume that there may be one or two add-ons and maybe one subtraction in terms of accounts, that’s the normal way things are.”
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