Barclays Buys GM Credit-Card Book After Goldman Fumbles Tie-Up

Barclays Plc is taking over the General Motors Co. credit-card business from Goldman Sachs Group Inc., pouncing on the Wall Street firm’s failed effort to expand into consumer lending.

The British bank struck an agreement to buy the portfolio of loans, according to a Barclays statement, confirming a previous Bloomberg News report. Barclays is taking over roughly $2 billion in outstanding balances at a discount to their value, Bloomberg reported last month.

Read More: Goldman to Hand Off a $2 Billion Credit-Card Book to Barclays

A Chevrolet dealership in Pasadena, Texas.

Photographer: Mark Felix/Bloomberg

Goldman Chief Executive Officer David Solomon has previously said the bank expects to ...