Goldman Sachs may be considering leaving the Apple Card business four years after working with Apple to develop it.
The Wall Street Journal claims that Goldman, which recently expanded its high-profile agreement with Apple to include savings accounts for Apple Card holders, is “looking for a way out” of the arrangement.
According to the WSJ article, the investment banking business is reportedly in talks to transfer the agreement to American Express, but nothing is yet official and it’s unclear whether Apple would approve of the transfer.
However, it wouldn’t be unexpected if such a plan were implemented. Goldman CEO David Solomon stated he was “considering strategic alternatives” for the consumer division of the financial company earlier this year. In addition to its agreement with Apple, Goldman’s consumer-facing division also includes credit card agreements with General Motors and GreenSky, the lending firm it acquired in 2021 for $2.2 billion.
Apple and Goldman, for their part, did not immediately reply to demands for comment regarding the WSJ story. A similar claim was then released by CNBC, which used its own unnamed sources.