(Reuters) – Goldman Sachs Group Inc is in talks with JetBlue Airways Corp to take over its credit card program, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Goldman is competing against Barclays PLC, which is the current issuer of JetBlue’s credit cards and is in talks with the low-cost airline to hold on to the deal, the report said.
JetBlue’s contract with Barclays does not end for roughly another three years, and the airline may decide to stick with the British 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 string of initiatives by the bank to reduce its reliance on volatile trading and investment banking businesses and shift its focus towards its consumer banking unit.
The Wall Street bank in February launched Marcus Invest, an automated wealth-management platform to invest customer funds across managed portfolios.
(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber and Aditya Soni)