Goldman Sachs Lands GM's $2.5 Billion Business

Goldman Sachs Lands GM's $2.5 Billion Business

Ramin Talaie/Corbis/Getty Images 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.