Goldman Sachs still working to exit Apple partnership, WSJ reports

Goldman Sachs (GS) CEO David Solomon said Monday that the bank will take a $400M hit this quarter due to its floundering consumer business, The Wall Street Journal’s AnnaMaria Andriotis reports, adding that Goldman expects to incur the loss on the eventual sale of its General Motors (GM) credit card business and a smaller, unrelated business. Goldman has been in talks for months with GM and Barclays (BCS) about transferring the carmaker’s credit card business to Barclays, but Barclays has been unwilling to pay the price Goldman originally expected, in large part because of high charge-off rates in the program, according to people familiar with the matter. People familiar with the talks say Goldman will likely receive less than the outstanding balances after having paid a premium to buy them. Goldman is also still looking to exit its partnership with Apple (AAPL), where credit card balances total around $17B, and the bank could face even bigger losses when it offloads the Apple partnership than the losses associated with the GM sale to Barclays.