04:12 PM EDT, 09/10/2024 (MT Newswires) -- Goldman Sachs ( GS ) is set to sell a $2 billion loan portfolio tied to General Motors ( GM ) customers to Barclays ( JJCTF ) at a discount, after a costly credit card venture, Bloomberg reported Tuesday, citing a person aware of the situation.

The sale is part of Goldman's broader retreat from retail banking, which has been plagued by losses and regulatory issues, Bloomberg said.

Barclays ( JJCTF ) aims to grow its US credit card business and boost returns, with plans to increase assets by $10 billion. CEO C.S. Venkatakrishnan is focused on enhancing performance and managing potential changes in accounts, the report said.

Goldman is also seeking to sell its Apple's ( AAPL ) credit card loan portfolio due to unfavorable terms that have led to problems for the bank, Bloomberg said.

Representatives for Goldman Sachs ( GS ) and Barclays ( JJCTF ) declined Bloomberg's comment requests.

Goldman, Barclays ( JJCTF ), General Motors ( GM ), and Apple ( AAPL ) didn't immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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