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Continuing its efforts for its customer banking business, The Goldman Sachs Group GS has submitted an offer to invest in General Motors Co’s GM credit card unit, which has approximately $3 billion in notable balances. The news was first reported through the Wall Street Journal.
Currently, the paintings are being made through Capital One Financial COF, which still has one year of contract left. In particular, the article noted that General Motors did want to update its existing card issuer.
In the age of digitization, Goldman has proposed cars as e-commerce portals, allowing others to make gasoline bills or buy food from the driver’s seat. Barclays BCS is also involved in bidding for the world’s largest credit card company.
Using the car dashboard display to transact is nothing new for General Motors, as the automaker has allowed its drivers to order food and transact with Dunkin ‘Brands Group and Shell in 2018.
Goldman has undertaken projects to offset declining profits by entering new markets and diversifying sources of profit. Its virtual client lending platform, Marcus through Goldman Sachs, introduced in 2016, has grown in recent times due to a change in customers’ preference for virtual banking, namely the pandemic.
In addition, last year, in partnership with Apple and Mastercard, Marcus brought his first virtual credit card and physical Apple Card. In particular, Goldman plans to implement an artificial intelligence assistant for his virtual solo bank.
While considerations of the coronavirus outbreak are expected to impede short-term business activities, Goldman’s strong position in the announced and completed mergers and acquisitions worldwide will continue at the company.
The company’s shares have lost 10.6% in the last six months to the fall of 12.4% of the industry.
Goldman currently uses a range of Zacks 3 (Keep). You can see the full list of existing Zacks 1 Rank moves here.
These populations are in a position to jump after the pandemic.
The COVID-19 epidemic has radically replaced customer behavior, and a handful of high-tech corporations have mobilized to keep America running. Right now, investors in those corporations have the potential to make significant profits. For example, Zoom jumped 108.5% in less than four months, while the rest of the shares fell at most.
Our studies show that five cutting-edge actions can simply skyrocket due to exponential accumulation in demand for “domestic” technologies. This may be one of the biggest buying opportunities of this decade, especially for those who arrive early.
See now the five high-tech stocks
Want the latest recommendations from Zacks Investment Research? Today you can download 7 moves for the next 30 days. Click to view this loose report The Goldman Sachs Group, Inc. (GS): Free Capital One Financial Corporation (COF): General Motors Company (GM) Free Inventory Analysis Report: Barclays PLC Free Inventory Analysis Report (BCS): Free Inventory Analysis Report To read this article on Zacks.com, click here.