Amid efforts to retreat from consumer lending, The Goldman Sachs Group, Inc. (GS Quick QuoteGS - Free Report) has planned to offload its General Motors (GM Quick QuoteGM - Free Report) credit card program. The news was first reported by the Wall Street Journal.

The bank informed its employees within the Platform Solutions division, who work on the GM card, that the process of searching for a new issuer will be initiated by GM.

In 2020, GS acquired General Motors’ credit card unit for $2.5 billion from Capital One Financial, which formed Goldman’s second credit card partnership with a big name. In 2019, GS partnered with Apple and introduced a credit card with a simple application process, and no fees. It encouraged customers to pay less interest, while guaranteeing security.

However, according to Goldman’s third-quarter 2023 results, its consumer banking business continued to remain under pressure. Notably, the bank’s ill-fated foray into consumer banking has lost $3 billion over three years.

Thus, Goldman’s CEO, David Solomon, decided to shift the bank’s focus back to its traditional strengths — investment banking (IB) and trading.

In the third quarter, Goldman’s Global Banking & Markets division recorded revenues of $8 billion, up 6% year over year. The rise indicated strength in the IB business (up 1%) and higher equities revenues (up 8%), partially offset by lower net revenues in FICC (down 6%).

So far this year, shares of GS have lost 5.7% compared with the industry’s decline of 13.2%.

Image Source: Zacks Investment Research

Currently, Goldman carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A better-ranked stock from the same space is Interactive Brokers (IBKR Quick QuoteIBKR - Free Report) . Over the past 60 days, the Zacks Consensus Estimate for IBKR’s current-year earnings has been revised 2.1% upward. Shares of the company have gained 12.8% so far this year. Currently, IBKR carries a Zacks Rank #2 (Buy).