22 days ago • Posted by William Ramstein

Barclays saw its fee income and interest income crash down

Barclays are acquiring a $3.8 billion portfolio of Gap retail credit cards from Synchrony financial in a bid to up its stake in the US consumer business. The deal is expected to close in Q2 2022 and follows an agreement between Gap and Barclays in April, whereby the two firms would issue co-branded credit cards to Gap customers in 2022. This tactic isn't new for Barclays - over recent years the British bank has partnered with the likes of American Airlines and JetBlue on branding to gain traction in the US, where Barclay's branding can't currently compete with the likes of JPMorgan. @LexSokolin