Goldman Sachs reportedly just landed GM's $2.5 billion credit card business, its second co-branded deal after the Apple Card

• Goldman Sachs won the bid for General Motors' credit-card business for roughly $2.5 billion, The Wall Street Journal reported Thursday.
• The Wall Street giant beat out Barclays, acquiring more than one million GM cardholders and the $8.5 billion they spend annually, according to The Wall Street Journal.
• This is Goldman Sachs' second co-branded card, following the Apple Card, as it looks to expand its consumer-lending business.
• The bank recently shuffled its organizational structure to create a new standalone consumer division that includes its Marcus lending unit.

Goldman Sachs is picking up General Motors' credit-card business for a price tag of roughly $2.5 billion, The Wall Street Journal reported Thursday, as it doubles down on its push into consumer lending.

Goldman beat out UK-based Barclays for the deal, which gives it more than one million GM cardholders and the approximately $8.5 billion they spend annually, according to The Wall Street Journal.

Goldman and GM did not respond to requests for comment.

The paper initially reported in August that Goldman was looking to acquire GM's card business away from Capital One, which currently issues GM's three cards — the BuyPower Card, a business card, and a card for GM employees and suppliers — and has a year left on its contract.

According to Thursday's report, Goldman and Capital One have reached an agreement on the general terms of the deal, such as top-line price, and plan to finalize the details in the next few weeks.

Landing GM's card business would be Goldman's second co-branded consumer credit card and another significant step into the consumer-lending business, following its underwriting of the Apple Card, which launched in 2019.

On Wednesday, Business Insider's Dakin Campbell reported that Goldman has shuffled its divisions to create a new standalone consumer division that includes its Marcus lending unit. Strategy chief Stephanie Cohen and Tucker York, the head of its private-wealth business, will co-lead the new unit, which will be named the Consumer and Wealth Management Division. The changes will go into effect on January 1.