According to The Wall Street Journal, Goldman Sachs is considering ending its partnership with Apple as part of its strategy to withdraw from the consumer-lending business. The bank is currently engaged in talks with American Express regarding the potential takeover of the Apple credit card and related initiatives.
Goldman Sachs, $GS, is considering exiting its partnership with Apple, $AAPL, and is in talks to offload those businesses and its credit-card partnership to Amex.
7/4/2023
Goldman Sachs initially entered the consumer financial products market in 2016. However, the bank's venture into consumer lending has proven to be unprofitable, with Chief Executive David Solomon stating in February that strategic alternatives were being considered for the business.
Since 2020, Goldman Sachs has incurred losses exceeding $3 billion in its consumer-focused endeavors. In April, the firm collaborated with tech giant Apple to introduce a high-yield savings account. Additionally, Goldman Sachs recently expressed support for Apple's "buy now, pay later" service. However, as per the Journal report, which cites sources familiar with the discussions, Goldman Sachs is now exploring the possibility of transferring the Apple credit card partnership to American Express. The bank has also discussed the potential transfer of its card partnership with General Motors to American Express or another issuer.
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