According to a report from The Wall Street Journal, Goldman Sachs is seeking a way out of its partnership with Apple for the Apple Card, which was launched four years ago. The deal, which also expanded to include savings accounts for Apple Card holders, is now being considered for offloading to American Express. However, no final decisions have been made, and it remains uncertain whether Apple would support the transition.
Goldman Sachs CEO David Solomon had previously expressed interest in exploring strategic alternatives for the investment firm’s consumer arm. In addition to the Apple Card partnership, Goldman’s consumer-facing business includes a credit card collaboration with General Motors and the acquisition of lending company GreenSky for $2.2 billion in 2021.
Both Apple and Goldman Sachs have not provided immediate comments in response to the reports. CNBC also published a similar story, citing its own unnamed sources. The potential exit from the Apple Card partnership could mark a significant change in the financial landscape for both companies.
