In a surprising turn of events, Goldman Sachs, the banking giant in partnership with Apple for the Apple Card credit card, Apple Pay Later, and the Apple Savings account, reportedly wants to end this collaboration.
As Goldman Sachs seeks to reduce its consumer business, it is considering offloading its credit card partnerships, including the Apple Card and other credit cards like one it offers for General Motors, to another company. The proposed deal would see American Express step in as the new partner for Apple.
According to the report, no agreement has yet been finalized between Goldman Sachs and American Express. The sources confirmed that the deal is not “imminent or assured”.
Despite the ongoing discussions, it is important to note that Goldman Sachs recently extended its partnership with Apple until the end of this decade.
As such, any potential transfer would require Apple’s approval. The tech giant is reportedly aware of the negotiations taking place between Goldman Sachs and Amex.