(Reuters) -Goldman Sachs plans to offload its General Motors credit cards, a person familiar with the matter told Reuters on Tuesday.
GM will start a process to find a new issuer for the cards instead of Goldman Sachs, the source added.
The automaker did not immediately respond to a Reuters request for comment. The development was first reported by the Wall Street Journal.
Last month, Goldman beat third-quarter profit estimates helped by a nascent recovery in dealmaking but the bank’s ill-fated foray into consumer banking, which has lost $3 billion over three years, has continued to weigh.
Goldman CEO David Solomon has now shifted the firm’s focus back to its traditional strengths – investment banking and trading – and aims to grow in asset and wealth management.
(Reporting by Saeed Azhar in New York and Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
