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.
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Goldman to hand off a $2b credit-card book to Barclays
“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.”
