Goldman could end its partnership with Apple.Getty Images
Goldman Sachs may be looking to end its partnership with Apple, The Wall Street Journal reported.
It started offering an Apple-branded credit card in 2019 and more products since then.
Goldman has abandoned other elements of its consumer banking push in recent months.
Looks like Goldman Sachs might prefer Wall Street to Main Street after all.
The investment banking giant has made forays into consumer lending in recent years, but some of them have been abandoned. Now Goldman is also considering breaking up with Apple, according to a report from The Wall Street Journal.
In 2019, the bank began offering an Apple-branded credit card and launched a savings account and “buy now pay later”. with the tech giant earlier this year.
However, Goldman’s broader consumer efforts have struggled, leading to criticism of CEO David Solomon finished their support for the attempts to diversify from their traditional activities.
said Solomon last October that the partnership with Apple had been extended until 2029, but those plans may now be changing.
On Friday, the Journal cited unnamed sources who said Goldman had discussed a deal that would move its offerings from Apple to American Express.
CNBC later confirmed this discussions, but both CNBC and the Journal said no deal was imminent. Any changes would also require Apple’s approval.
In January, Goldman said it had lost about $3 billion from its consumer banking business in three years.
The following month, Solomon said that the bank was considering “strategic alternatives”, but had seemed committed to the Apple partnership.
Goldman may also be looking to get out of offering a General Motors brand credit card, the Journal reported.
Goldman Sachs, Apple and American Express did not immediately respond to Insider’s requests for comment after regular business hours.
Read the original article at Business Insider
