Goldman in talks to outsource Apple Card to American Categorical: supply
Goldman Sachs is in talks to dump it Apple Credit card and high-interest savings account products American Expressa source told CNBC’s Leslie Picker.
Goldman Sachs, Apple and American Express all declined to comment.
The talks come amid a broader move by Goldman from its largely failed retail banking initiatives, which has garnered much attention from CEO David Solomon. Last week, CNBC reported that the Wall Street giant was preparing a huge writedown for its 2021 acquisition of fintech lender GreenSky.
The Wall Street Journal first reported on the Goldman talks with American Express. The newspaper said there was no guarantee of a deal, nor was an agreement finalized.
It would mean an abrupt turnaround for the two corporate giants. In October, the Journal reported that Goldman and Apple had extended their partnership through 2029. And in April, Goldman CFO Denis Coleman announced a deepening of the partnership.
“This week we announced the launch of a savings account for Apple Card users. We’re excited to deepen our partnership with Apple through this additional offering and introduce another source of deposit funding for the company,” Coleman said at the time.
The Journal also reported Friday that Goldman was talking about an exoneration General Motors card partnership. GM declined to comment to CNBC.
– CNBC’s Steve Kovach, Phil LeBeau and Hugh Son contributed to this report.