(Reuters) – Goldman Sachs is in talks to transfer its credit card program to General Motors (NYSE:) Barclays, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Barclays is the leading credit card candidate with outstanding balances of about $2 billion, the report said, adding that US Bancorp (NYSE:) and Bread Financial were among other suitors considered but dropped out.
The deal could be concluded as early as this summer, the report said.
Goldman Sachs and Barclays declined to comment on the report, and GM did not immediately respond.
Goldman Sachs planned to phase out co-branded credit cards with GM last November. The credit card program, issued by Mastercard (NYSE:) through Goldman Sachs, launched in 2022 to allow customers to earn more points and use them to purchase or lease Buick, Cadillac and other GM vehicles.