Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Goldman Sachs Group Inc. has told employees in its Platform Solutions unit that it’s moving toward a process to find a new issuer for its General Motors credit-card program, The Wall Street Journal reported on Wednesday.
Goldman Sachs issues credits for both General Motors Co. GM, -2.40% and Apple Inc. AAPL, +1.45%, but it’s been scaling back its consumer-banking services under a restructuring process launched early this year. The investment bank has been working to cut costs and has decided it was likely to launch a sales process for the credit-card partnership if it was unable to reduce expenses, the report said.
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