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Goldman Sachs expands consumer reach with purchase of GM's credit card business

  • According to the WSJ, Goldman Sachs (NYSE:GS) won out on the deal over Barclays, and will be paying about $2.5B for General Motors' (NYSE:GM) credit card business.
  • There are more than 1M GM cardholders, with about $8.5B of annual spending.
  • Capital One (NYSE:COF) currently issues GM cards, and has about one year left on its contract.
  • At $2.5B, it's not a big deal, but for Goldman, it's another step in its push to be a "Main Street" lender. Other forays include a credit card with Apple launched last year, and agreements with JetBlue Airways and Amazon's marketplace sellers.

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