Goldman Sachs to depart from Apple Card deal

Financial institution Goldman Sachs may not be renewing its partnership with Apple for the Apple Card.

The Wall Street Journal recently reported that Goldman Sachs is not keen to continue its partnership, stating that the bank wishes to ‘cut back on its consumer business.’ Apparently, Goldman Sachs is discussing things with American Express surrounding a potential takeover. Such a thing will have Goldman Sachs transferring its card partnerships to another, which would include credit cards and the Apple Card, among others.

Apple Card

WSJ claims that American Express has not finalized a deal with Goldman Sachs as of the moment, and that a deal is ‘not imminent or assured.’ Goldman Sachs had just renewed its partnership with Apple until 2030, which means that Apple will have to agree with any deals and be aware of the discussion between American Express and Goldman Sachs.

Goldman Sachs is the current backer of the Apple Card and the recently launched Apple Card Savings Account.