Goldman Sachs and Barclays Engage in $2B Credit Card Deal That Could Reshape U.S. Lending Landscape
Goldman Sachs Sells Credit Card Portfolio
In a major development, Goldman Sachs is preparing to sell its $2 billion credit card portfolio to Barclays. This transaction not only reflects Goldman Sachs' ongoing adjustments in strategy but also presents an opportunity for Barclays to enhance its foothold in the U.S. financial market.
Job Cuts and the Shift in Strategy
As part of this transition, Goldman Sachs plans to cut hundreds of jobs, focusing on streamlining operations while offloading loan portfolios, including GM customer loans. These changes highlight the firm’s efforts to navigate through current market pressures.
Barclays' Expansion Plans
- Strategic Acquisition: Acquiring this credit card book will bolster Barclays' U.S. operations.
- Market Growth: Barclays aims to capture a larger share of the competitive U.S. lending landscape.
Visit the source for more details on this significant financial transaction.
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