{"id":30101,"date":"2023-07-01T09:38:05","date_gmt":"2023-07-01T13:38:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/goldman-mulls-exit-of-apple-partnership-in-further-retreat-from-consumer-business\/"},"modified":"2023-07-01T09:38:06","modified_gmt":"2023-07-01T13:38:06","slug":"goldman-mulls-exit-of-apple-partnership-in-further-retreat-from-consumer-business","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30101","title":{"rendered":"Goldman Mulls Exit of Apple Partnership in Further Retreat From Consumer Business"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Goldman Sachs,<\/span>
\n furthering plans to retreat from its consumer-lending business, has been weighing whether to end its partnership with
\n Apple
\n and is in talks with
\n American Express
\n about taking over its
\n Apple
\n credit card and other initiatives, The Wall Street Journal reported.<\/p>\n

The push by
\n Goldman Sachs
\n (GS) into consumer financial products began in 2016. However, the bank\u2019s foray into consumer lending has been a money-losing venture and Chief Executive David Solomon said as recently as February that
\n Goldman Sachs
\n was \u201cconsidering strategic alternatives\u201d for the business.<\/p>\n

\n

Goldman Sachs has lost more than $3 billion since 2020 in its consumer push.<\/p>\n

In April, the Wall Street firm and tech giant Apple (AAPL) introduced a high-yield savings account. Goldman Sachs recently also announced support for Apple\u2019s \u201cbuy now, pay later\u201d offering. But now, according to the Journal report, which cited people familiar with the discussions, Goldman Sachs is looking to offload the Apple credit-card partnership to
\n American Express
\n (AXP). The bank also has discussed transferring its card partnership with
\n General Motors
\n (GM) to American Express or another issuer, some of the people told the Journal.<\/p>\n

Apple is aware of the talks, which have been ongoing for months, the Journal reported. Apple would have to agree to a transfer, the Journal noted.<\/p>\n

Barron\u2019s<\/em> has reached out to Goldman Sachs and Apple for comment. American Express told Barron\u2019s<\/em> on Saturday that it wouldn\u2019t be commenting on the report.<\/p>\n

The Journal report was published after stock markets closed on Friday. Goldman Sachs finished the session down 0.2%. Apple closed with a gain of 2.3% and its market capitalization crossed $3 trillion, becoming the world\u2019s first company to close with that valuation.<\/p>\n

Write to Joe Woelfel at\u00a0joseph.woelfel@barrons.com\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs, furthering plans to retreat from its consumer-lending business, has been weighing whether to end its partnership with Apple and is in talks with American Express about taking over its Apple credit card and other initiatives, The Wall Street Journal reported. The push by Goldman Sachs (GS) into consumer financial products began in 2016. 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