(Yahoo!Finance) - Goldman Sachs (GS) isn’t finished pulling back from consumer lending as it looks to cut costs and refocus on its core strengths.
The latest step involves a credit card it launched less than two years ago with General Motors (GM). GM has started the process of seeking a new issuer for the card, a person familiar with the situation confirmed with Yahoo Finance.
The Wall Street Journal was the first to report Tuesday that the bank told employees it had begun the process of seeking a new issuer for the GM credit card program.
The GM card, intended for consumers who own the company's vehicles, is the second such card partnership Goldman has. It launched a similar card with Apple (AAPL) in 2019, and that partnership may also be nearing an end.
The Journal reported that Goldman had held conversations with credit card giant American Express (AXP) to gauge its interest in taking over both the Apple and GM programs.
Goldman Sachs declined to comment.
By David Hollerith · Senior Reporter
