Goldman Sachs She is in talks to dump her apple High-yield credit cards and savings accounts American Expressa source told CNBC’s Leslie Baker.
Goldman Sachs, Apple and American Express declined to comment.
The talks come amid a broader pushback by Goldman Sachs on its largely failed consumer banking initiatives, over which CEO David Solomon has taken a great deal of the nerve. Last week, CNBC reported that the Wall Street giant is preparing a massive writedown in 2021 for the acquisition of fintech lender GreenSky.
The Wall Street Journal first reported Goldman’s conversations with American Express. The newspaper said that there is no guarantee that an agreement will be reached, nor is there an agreement close.
It would be a surprising reversal for the two giants. In October, the magazine reported that Goldman and Apple had renewed their partnership through 2029. In April, Goldman’s chief financial officer, Dennis Coleman, announced a deepening partnership.
“This week we announced the launch of a savings account for Apple Card users,” Coleman said at the time. “We’re excited to deepen our partnership with Apple with this additional offering and provide another source of deposit funding for the company.”
The newspaper also reported on Friday that Goldman is talking about dumping it general motors Partnership card. GM declined to comment on CNBC.
– CNBC’s Steve Kovac, Phil LeBeau and Hew Sun contributed to this report.