Goldman Sachs, Barclays mull buying GM's credit card arm

Goldman Sachs and Barclays are looking to buy General Motors’ credit card unit as it looks to double down on its consumer banking arm amidst about $3b in outstanding balances.

Goldman currently has a much smaller presence in consumer banking, and it is an area that chief executive David Solomon has been aggressively looking to strengthen.

In their pitches to GM, Goldman and Barclays have pushed the idea of cars as e-commerce portals. GM’s cars are equipped with in-dash e-commerce technology, allowing drivers to order food, find fuel or reserve hotel rooms by tapping icons on the dashboard screen, instead of using smartphones while driving.

From Reuters

JPMorgan has hired Britain’s former finance minister Sajid Javid as a senior adviser, a move that sees the politician resume his career in investment banking.

Javid quit his role in government earlier this year after falling out with Prime Minister Boris Johnson during a cabinet reshuffle. He remains a lawmaker in Britain’s parliament but is to take up a post as a member of the bank’s advisory council for Europe, the Middle East and Africa (EMEA).

Javid began his career in finance at Chase Manhattan, which later merged with JP Morgan, and worked in a number of roles in its currencies and emerging market businesses.