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The Wall Street giant is poised to sell the portfolio of loans made to GM customers to Barclays at a discount to the value of the outstanding balances. Goldman Chief Executive Officer David Solomon said Monday the bank expects to take a $400m hit from the transition of its GM cards business and other small retail ventures.
“We expected some of that to come from the growth in the existing stock,” Venkatakrishnan told investors at a conference this week. “We also said over a three year period you’ve got to assume that there may be one or two add-ons and maybe one subtraction in terms of accounts, that’s the normal way things are.”
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