from earlier this summer, aren't finalized, Capital One and Goldman Sachs have agreed on an outlined deal. If the deal goes through, the portfolio should transfer in about a year, when Capital One's contract expires.
Adding the portfolio could help Goldman cement its move into the consumer lending and credit card space. The General Motors portfolio would mark Goldman's second major consumer credit card, following last summer's Apple Card launch. It could drastically increase its reach into the space: GM cardholders spend $8.5 billion annually—nearly double the $2.5 billion Apple Card portfolio. And GM's large customer base, combined with ongoing during the pandemic, offers the card a big addressable market with room to grow.
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