Goldman Sachs, the investment banking firm that partnered with Apple for the launch of the Apple Card four years ago, is reportedly seeking an exit from the high-profile collaboration. According to The Wall Street Journal, Goldman is in discussions to offload the partnership to American Express. However, the details are still uncertain, and it remains unclear if Apple would support such a transition.
The potential move comes as Goldman Sachs CEO David Solomon stated earlier this year that the company was considering strategic alternatives for its consumer arm. In addition to the Apple Card partnership, Goldman’s consumer-facing business includes collaborations with General Motors for a credit card offering and the acquisition of lending company GreenSky for $2.2 billion in 2021.
Neither Apple nor Goldman Sachs have provided an immediate response to requests for comment on the Wall Street Journal report. CNBC later published a similar report, citing its own unnamed sources.
The partnership between Goldman Sachs and Apple Card has been a notable venture, bringing together the financial expertise of Goldman Sachs and the innovation of Apple. The Apple Card, launched in 2019, offers users a digital-first credit card experience integrated with the Apple Wallet app. The card has gained popularity for its user-friendly features, privacy-focused approach, and attractive rewards program.
If Goldman Sachs does indeed exit the partnership, it would mark a significant shift in the landscape of the Apple Card and potentially open doors for other financial institutions to collaborate with Apple in the future. However, it is important to note that no final decisions have been made, and the negotiations are still ongoing.
As the discussions continue, the industry and Apple Card users will eagerly await further updates to see how this potential transition could impact the future of the popular credit card and its features.
