Goldman may be trying to bail on Apple Card

Harri Weber

@harriblogs / 6:02 pm PDT • June 30, 2023

Apple Card

Image Credits: Apple

Four years after partnering with Apple on the launch of the Apple Card, Goldman Sachs may be eyeing the exits.

The Wall Street Journal reports that Goldman is “looking for a way out” of its high-profile deal with Apple, which recently expanded to include savings accounts for Apple Card holders. 

The investment banking firm is apparently in talks to offload the partnership to American Express, the WSJ report added, but so far nothing seems to be set in stone, nor is it clear if Apple would support the handoff.

However, it wouldn’t be surprising if such an arrangement comes to pass. Earlier this year, Goldman CEO David Solomon said he was “considering strategic alternatives” for the investment firm’s consumer arm. Beyond its deal with Apple, Goldman’s consumer-facing business includes a credit card partnership with General Motors as well as GreenSky, the lending company Goldman bought for $2.2 billion in 2021.

For their part, Apple and Goldman did not immediately respond to requests for comment on the WSJ story. CNBC later published a similar report, citing its own unnamed sources.