Goldman, Wells Fargo Look to Credit Cards for Bigger Returns
- Lenders drawn to steady stream of fees, interest income
- Competition is intense, rivals ‘not going to roll over’
Photographer: Patrick T. Fallon/Bloomberg
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Two of the biggest U.S. banks, Goldman Sachs Group Inc. and Wells Fargo & Co., are on the brink of piling into credit-card lending, seeking a share of the $183 billion in fees and interest tied to the product.
Goldman Sachs is weighing the move as part of a push into consumer finance with its Marcus online lender, Chief Financial Officer Marty Chavez said during a conference call with analysts last month. Wells Fargo plans to resume targeting U.S. non-customers with mailed credit-card offers later this year and began accepting new applicants from outside affiliates in 2016.