Goldman Sachs is looking to pull out of its Apple Card partnership with Apple, says a new report from The Wall Street Journal. Goldman Sachs has acted as the financing partner for the Apple Card credit card in the United States, Apple Pay Later, and the Apple Savings account that Apple Card users can open.
The financial firm is in discussions with American Express about AMEX to take over its Apple-related operations, according to people familiar with the matter.
Apple is not the only partnership that Goldman Sachs is looking to get rid of, as the firm is looking to offload its credit card partnerships to another company, which would include the Apple Card and other credit cards, such as the one it offers to General Motors customers.
An agreement between Goldman Sachs and American Express has not yet been met, and a deal is not “imminent or assured,” say The Wall Street Journal’s sources.
Goldman Sachs recently extended its partnership with Apple until 2030. Apple would have to agree to such a transfer, and the Cupertino firm is aware of the talks that Goldman Sachs has been having with Amex.