Goldman Sachs is trying to end its partnership with Apple. The bank is in talks with American Express to take over its Apple credit card and other ventures with the tech giant.
American Express in talks to take over Goldman’s card deal, other ventures with tech giantA retreat from the Apple credit card would effectively end Goldman Sachs’s consumer-lending business.The Wall Street firm is in talks with American Express to take over its Apple credit card and other ventures with the tech giant, according to people familiar with the matter.it appeared committed to the Apple
relationship. The bank recently extended their partnership through the end of the decade, agreed to support Apple’s “buy now, pay later” offering and launched a bank account with the tech company. Now it is in talks to offload those businesses and its credit-card partnership to Amex, according to people familiar with the discussions. Goldman has also discussed transferring its card partnership with General Motors to Amex or another issuer, some of the people said.
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. A retreat from Apple and credit cards would effectively end Goldman’s consumer-lending business. The bank has already stopped issuing personal loans, and it is trying to sell GreenSky, the home-improvement lender it bought just last year.
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