Continuing with its efforts to strengthen its consumer banking business, Goldman Sachs GS is planning to take over JetBlue Airways Corp.’s credit card program. According to a report by the Wall Street Journal, citing people familiar with the matter, the company is currently in talks with JetBlue Airways Corp. for the deal.
However, presently, Barclays PLC BCS is the issuer of JetBlue credit cards and it might continue with its deal, per people familiar with the matter. JetBlue and Barclays’ contract will not end for another three years. In fact, discussions are going on and JetBlue may decide to stick with Barclays.
Thus, to make its deal work, Goldman Sachs will have to compete with Barclays.
Goldman Sachs has not yet made any comments on the matter.
Notably, in 2019, the Wall Street bank entered the credit card business in a move to expand into digital banking services. It launched its first-ever credit card in partnership with Apple Inc. AAPL.
Moreover, last year, General Motors GM decided on moving its credit card unit to Goldman Sachs from Capital One Financial Corp.
Goldman Sachs has been undertaking initiatives to enter new markets and diversify income sources. Its digital consumer lending platform, Marcus by Goldman Sachs, launched in 2016, has been gaining momentum of late due to the change in consumer preference to digital modes of banking, especially during the pandemic.
In fact, last month, it launched its automated wealth-management platform, Marcus Invest, to expand its suite of consumer financial offerings.
Over the past six months, shares of Goldman Sachs have gained 79.3% compared with 77.3% growth recorded by the industry.
.jpg)
Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The Goldman Sachs Group, Inc. (GS): Get Free Report
Apple Inc. (AAPL): Free Stock Analysis Report
General Motors Company (GM): Free Stock Analysis Report
Barclays PLC (BCS): Get Free Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
