Banking Law

Goldman Sachs to Take Over General Motors’ Credit-Card Business

Jan. 15, 2021, 2:27 PM

Goldman Sachs Group Inc. signed a deal to take over General Motors Co.’s credit-card portfolio.

The Wall Street giant will be the issuer for the automaker’s credit-card programs, with a targeted start of September, the two companies said in a statement. Mastercard Inc. will remain the network for the cards. Terms of the deal weren’t disclosed.

“We chose to partner with Goldman Sachs because of their proven ability to innovate,” Chuck Thomson, general manager of retail sales and marketing support at General Motors, said in the statement.

Goldman Sachs has said it hopes to expand its portfolio of...

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