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Goldman in talks to offload Apple Card to American Express: Source

Goldman Sachs is in talks to dump its Apple bank card and high-yield financial savings account merchandise to American Specific, a supply instructed CNBC’s Leslie Picker.

Goldman Sachs, Apple and American Specific declined to remark.

The talks come amid a broader retreat by Goldman from its largely failed shopper banking initiatives, for which CEO David Solomon has taken quite a lot of warmth. Final week, CNBC reported that the Wall Avenue large is making ready to take an enormous writedown on its 2021 acquisition of fintech lender GreenSky.

The Wall Avenue Journal first reported the Goldman talks with American Specific. The newspaper stated there is no assurance of a deal, neither is an settlement shut.

It could mark an abrupt reversal for the 2 company giants. In October, the Journal reported Goldman and Apple renewed their partnership via 2029. And in April, Goldman Chief Monetary Officer Denis Coleman touted a deepening of the partnership.

“This week, we introduced the launch of a financial savings account for Apple Card customers. We’re excited to deepen our partnership with Apple via this extra providing and to introduce one other supply of deposit funding for the agency,” Coleman stated on the time.

The Journal additionally reported Friday that Goldman is speaking about unloading its Common Motors card partnership. GM declined to remark to CNBC.

– CNBC’s Steve Kovach, Phil LeBeau and Hugh Son contributed to this report.