Goldman may be trying to bail on Apple Card | TechCrunch

[Gunnar Larson]

https://techcrunch.com/2023/06/30/goldman-may-be-trying-to-bail-on-apple-card/



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.
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