(Bloomberg) -- Goldman Sachs Group Inc. signed a deal to take over General Motors Co.’s credit-card portfolio.The Wall Street giant will be the issuer for the automaker’s credit-card programs, with a targeted start of September, the two companies said in a statement. Mastercard Inc. will remain the network for the cards. Terms of the deal weren’t disclosed.“We chose to partner with Goldman Sachs because of their proven ability to innovate,” Chuck Thomson, general manager of retail sales and marketing support at General Motors, said in the statement.Goldman Sachs has said it hopes to expand its portfolio of consumer loans to $20 billion in the coming years. As part of those efforts, it’s debuted a credit card with Apple Inc. and has even begun financing vacation purchases with JetBlue Airways Corp.General Motors, for its part, has been seeking a cheaper way to fund its auto-loan business. Last month, the carmaker’s finance arm formally submitted its application to form a so-called industrial loan company with the Federal Deposit Insurance Corp. and Utah’s finance regulator.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Goldman Sachs Group Inc. is one step closer to offering checking accounts for Main Street consumers.The Wall Street giant will work with the digital-payments upstart Marqeta on the offering, which it will debut later this year, according to a statement Thursday. Marqeta Chief Executive Officer Jason Gardner said Goldman plans to use the firm’s technology to issue debit cards into mobile wallets, and for offerings that provide customers with real-time access to spending data.“You can instantly issue those cards into Apple Pay or Google Pay and it instantly gives consumers access to their funds,” he said in an interview.Goldman Sachs has so far been fairly tight-lipped on what the checking account might look like. In October, Visa Inc. announced it had won a deal to be the network for the digital account’s inaugural debit card.“Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers,” Omer Ismail, global head of the consumer business at Goldman Sachs, said in the statement.For years, Goldman has been building out its consumer arm, which goes by the name of Marcus. Last year, the bank said it was seeking to gather $125 billion in consumer deposits with a goal of $700 million in pretax income from the business.Oakland, California-based Marqeta works with some of the world’s largest companies, promising speedier time to market for new credit cards and better controls on payments. The firm already counts Goldman Sachs as one of its early backers, and the bank’s underwriters are working with Marqeta on an upcoming initial public offering that could value the company at about $10 billion, people familiar with the matter told Bloomberg last year.“What’s interesting about Goldman Sachs is they’re a very storied, longstanding bank and they’ve come out with Marcus which has done well in a relatively short period of time,” Gardner said. “This is just another true validation of our technology.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Below we share with you three top-ranked Goldman Sachs mutual funds. Each has a Zacks Mutual Fund Rank 1 (Strong Buy).