Goldman eyeing JetBlue’s credit card business: WSJ

Goldman eyeing JetBlue’s credit card business: WSJ

News: Goldman eyeing JetBlue’s credit card business: WSJ.

(Reuters) – Goldman Sachs Group Inc is in talks with JetBlue Airways Corp to take over its credit card program, the Wall Street Journal reported Thursday, citing people familiar with the matter.

Goldman is competing with Barclays PLC, the current issuer of JetBlue credit cards, and is in talks with the low-cost airline to hold on to the deal, the report said.

JetBlue’s deal with Barclays ends for about three years, and the airline may choose to stick with the UK bank, according to the report.

Goldman declined to comment on the matter, while JetBlue did not immediately respond to a Reuters request for comment.

This move by Goldman is the latest in a series of initiatives by the bank to reduce its reliance on volatile commercial and investment banking businesses and to shift its focus to the consumer banking unit.

Wall Street Bank launched Marcus Invest in February, an automated wealth management platform that enables client funds to be invested in managed portfolios.

Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber and Aditya Soni

Original Source © Reuters

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