A Goldman deal maker behind Apple and General Motors cards has left to join iCreditWorks
According to CNBC, a Goldman Sachs executive who closed some of the largest credit card deals in recent years has joined iCreditWorks, a start-up company in its early stages. According to iCreditWorks founder Stephen Sweeney, Scott Young will be joining the New Jersey-based company next month as a chief commercial officer. Young is the latest to leave Goldman’s Consumer business since Omer Ismail, the former Marcus head, joined Walmart’s fintech start-up in February 2021 along with a key deputy. In addition, the former CFO and head of product for the business have left, as well as the branding director for the business.
Young, a deal maker at Goldman, joined the firm in 2017 as its first head of partnerships, part of a wave of outside hires made during the firm’s retail banking unit launch. Among the co-branding deals he negotiated with GM, JetBlue, AARP, and Amazon, he is credited with helping the bank secure Apple’s Apple Card in 2018 and former CEO Lloyd Blankfein. Young worked for GE, Barclays, and then Citigroup before joining Goldman. In 2015, he helped the bank gain control of the Costco credit card from American Express. It was an extremely significant deal in the card industry, where contracts with companies such as Costco, Amazon, and American Airlines can represent a significant share of a company’s revenue. It will be Young’s responsibility to continue to make deals at iCreditWorks.