01:55 PM EDT, 09/10/2024 (MT Newswires) -- Goldman Sachs ( GS ) , which had paid a premium to buy General Motors' ( GM ) credit card business, will likely receive "less than the outstanding balances" from a potential sale of the business, The Wall Street Journal reported Tuesday, citing people familiar with the talks.

Barclays ( JJCTF ) , which has reportedly been in the race to acquire the GM credit card business from Goldman, is not willing to pay what Goldman had originally expected due to high charge-off rates in the program, the report said, citing people familiar with the matter.

Goldman expects to post a pretax hit to Q3 results of about $400 million as it steps back from retail businesses, according to media reports.

Neither Goldman nor Barclays ( JJCTF ) immediately responded 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.)

Price: 465.27, Change: -23.30, Percent Change: -4.77