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New Deal Announced
Shares in US banking firm Goldman Sachs are trading a little lower pre-market on Monday. Despite the weakness, Goldman’s share price has seen much better demand over recent weeks. Price has recovered from the September lows posted below the 190 level to trade back up around 207 currently.
Goldman recently confirmed that it will buy General Motor’s credit card business for $2.5 billion, having won the bidding over Barclays. The deal has now been agreed between Goldman and Capital One Financial Corp, GM’s credit card issuer, with terms set to be finalized over the next few weeks.
Focusing More on Consumer Banking
The deal marks the latest step by Goldman as part of a renewed focus on the group’s consumer banking business. Goldman has recently outlined plans to enhance its consumer banking business as a means of offsetting volatile results from other sections of its business such as trading and investment banking.
Compared with rivals such as JPMorgan and Citi, Goldman ...
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