Four years after partnering with Apple to launch the Apple Card, Goldman Sachs may be eyeing the exits.
The Wall Street Journal reports that Goldman is “looking for a way out” of its high-profile deal with Apple, which recently expanded to include savings accounts for Apple Card holders.
The investment banking firm is apparently in talks to transfer the partnership to American Express, the WSJ report added, but so far nothing seems set in stone, nor is it clear whether Apple would support the transfer.
However, it would not be surprising if such an arrangement were to come about. Earlier this year, David Solomon, CEO of Goldman, said he “thinking about strategic alternatives” for the consumer department of the investment firm. In addition to the deal with Apple, Goldman’s customer-facing business includes a credit card partnership with General Motors and GreenSky, the lender Goldman bought in 2021 for $2.2 billion.
For their part, Apple and Goldman did not immediately respond to requests for comment on the WSJ story. CNBC later published a similar report, citing his own unnamed sources.