Apple has developed a deep relationship with Goldman Sachs through Apple Card, but apparently, it’s an unhappy marriage. According to the Wall Street Journal, Goldman Sachs is in talks with American Express about transferring its Apple partnership.
Conscious uncoupling
The report explains that Goldman is “in talks to offload those businesses and its credit-card partnership to Amex.” This comes as Goldman has already significantly scaled back its efforts to break into the consumer finance industry.
A deal with Amex isn’t imminent or assured, people familiar with the conversations said, and it could take a while to transfer the partnership in any case. Apple would have to agree to a transfer. The tech company is aware of the talks, which have been ongoing for months, the people said.
For those who have been following along, this news isn’t that surprising. Goldman Sachs revealed earlier this year that it has lost more than $1 billion on its Apple Card partnership since 2020. Shortly after sharing that data, Goldman Sachs said that it was still “committed” to the partnership with Apple.
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