Goldman in speak with unload Apple Card to American Express: Source

Goldman Sachs remains in speak with unload its Apple charge card and high-yield cost savings account items to American Express, a source informed CNBC’s Leslie Picker.

Goldman Sachs, Apple and American Express decreased to comment.

The talks come in the middle of a more comprehensive retreat by Goldman from its mostly unsuccessful customer banking efforts, for which CEO David Solomon has actually taken a good deal of heat. Last week, CNBC reported that the Wall Street giant is preparing to take a substantial writedown on its 2021 acquisition of fintech lending institution GreenSky.

The Wall Street Journal initially reported the Goldman talks with American Express. The paper stated there’s no guarantee of an offer, nor is a contract close.

It would mark an abrupt turnaround for the 2 business giants. In October, the Journal reported Goldman and Apple restored their collaboration through 2029. And in April, Goldman Chief Financial Officer Denis Coleman promoted a deepening of the collaboration.

“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 stated at the time.

The Journal likewise reported Friday that Goldman is speaking about dumping its General Motors card collaboration. GM decreased to comment to CNBC.

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


News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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