Some financial partnerships aren’t made in heaven (even if there’s a promise of an alluring interest rate at the end for the bank underwriting a credit card).
According to The Wall Street Journal, Goldman Sachs wants to pull out of its partnership with Apple. Goldman Sachs has historically teamed up with Apple to back the Apple Card credit card, Apple Pay Later, and Apple Savings account that Apple Card users can opt for.
The banking company wants to cut back on its consumer business and is now in talks with American Express about a potential takeover. A deal would see Goldman Sachs offloading its credit card partnerships to another company, including the Apple Card and other credit cards like the one it offers for General Motors.
American Express has yet to establish an agreement with Goldman Sachs, and such a deal is not “imminent or assured,” according to sources close to the story.
Goldman Sachs recently extended its partnership with Apple through the decade’s end. Apple would have to agree to a transfer and is aware of the talks that Goldman Sachs has been having with Amex.
Stay tuned for additional details as they become available.
Via MacRumors and The Wall Street Journal