Goldman Sachs is looking to offload its Apple credit card and high-yield savings account products — potentially to American Express, people familiar with the matter told The Wall Street Journal and CNBC.

The bank is in talks with American Express, the Journal reported, though a deal is neither guaranteed nor close. Apple is aware of Goldman’s talks with American Express and would have to agree to the deal, unidentified sources told the publication.

Goldman Sachs, Apple and American Express declined to comment to CNBC.

Goldman launched a reorganization in October meant to scale back its consumer banking business, which has posted an underwhelming performance. But its Apple partnership was thought likely to stick. The duo’s 4.15% high-yield savings account launched in April, and their Apple Pay Later buy now, pay later service rolled out in March.

Goldman and Apple had planned to extend their partnership through 2029, The Wall Street Journal reported. “It’s a very, very strong partnership where there’s a lot of opportunity,” the bank’s CEO, David Solomon, said on a call with analysts in October. 

Now, though, it could go the same way as its other consumer lending efforts — like its acquisition of fintech GreenSky, which it’s contemplating selling. If that happens, its last remaining business on the consumer banking front would be its Marcus savings account, which it has said it has no plans on shuttering, according to the Journal.

Goldman is also looking to transfer its General Motors card partnership to American Express or another entity, sources told the publication. Goldman purchased GM’s card business in 2020 for $2.5 billion.

By Gabrielle Saulsbery on July 5, 2023
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