According to sources, Goldman Sachs is in talks to offload its Apple credit card and high-yield savings account products to American Express. Goldman Sachs, Apple and American Express declined to comment. The talks come amid a broader retreat by Goldman from its largely failed consumer banking initiatives, for which CEO David Solomon has taken a great deal of heat. Last week, it was reported that the Wall Street giant was preparing to take a huge writedown on its 2021 acquisition of fintech lender GreenSky. The Wall Street Journal first reported Goldman’s talks with American Express. The newspaper said there’s no assurance that a deal or agreement will close.
It would mark an abrupt reversal for the two corporate giants. In October, the Journal reported that Goldman and Apple had renewed their partnership through 2029. And in April, Goldman Chief Financial Officer Denis Coleman touted a deepening of the partnership. “This week, we announced the launch of a savings account for Apple Card users. We are excited to deepen our partnership with Apple through this additional offering and to introduce another source of deposit funding for the firm,” Coleman said at the time. According to the Journal, Goldman is also considering unloading its General Motors credit card partnership.