Goldman in talks to offload Apple credit card, savings products to American Express, source says

Goldman in talks to offload Apple credit card, savings products to American Express, source says


How Goldman Sachs failed at consumer banking

Goldman Sachs is in talks to offload its Apple credit card and high-yield savings account products to American Express, a source told CNBC’s Leslie Picker.

Goldman Sachs and Apple declined to comment. CNBC has also reached out to American Express.

The talks come amid a broader retreat by Goldman from its largely failed consumer banking initiatives, for which CEO David Solomon has taken a great deal of heat. Last week, CNBC reported that the Wall Street giant is preparing to take a huge writedown on its 2021 acquisition of fintech lender GreenSky.

The Wall Street Journal first reported the Goldman talks with American Express. The newspaper said there’s no assurance of a deal, nor is an agreement close.

It would mark an abrupt reversal for the two corporate giants. In October, the Journal reported Goldman and Apple renewed their partnership through 2029. And in April, Goldman Chief Financial Officer Denis Coleman touted a deepening of the partnership.

“This week, we announced the launch of a savings account for Apple Card users. We are excited to deepen our partnership with Apple through this additional offering and to introduce another source of deposit funding for the firm,” Coleman said at the time.

The Journal also reported Friday that Goldman is talking about unloading its General Motors card partnership. CNBC has also reached out to GM for comment.

– CNBC’s Steve Kovach and Hugh Son contributed to this report.



Source

What wealthy parents need to know about giving real estate to their kids
Business

What wealthy parents need to know about giving real estate to their kids

A local house with a porch in Edgartown on Martha’s Vineyard, Massachusetts, USA. Wolfgang Kaehler | Lightrocket | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The great wealth […]

Read More
The summer box office sizzled, but brace for a cooldown until November
Business

The summer box office sizzled, but brace for a cooldown until November

Movie stills from Disney’s “Lilo & Stitch” and “Fantastic Four” and Warner Bros. Discovery’s “Superman.” Courtesy: Disney | 20th Century Studios | Marvel Studios | Warner Bros. Discovery Superheroes, dinosaurs and a genetically altered alien dog helped propel the summer box office haul above 2024 levels, but that momentum is about to stall. Heading into […]

Read More
John Deere faces a crossroads amid decreasing demand, increasing investments
Business

John Deere faces a crossroads amid decreasing demand, increasing investments

Attendees view a John Deere 7R 270 row crop tractor at the Deere & Co. booth during the World Ag Expo at the International Agri-Center in Tulare, California on February 11, 2025. Patrick T. Fallon | AFP | Getty Images John Deere is facing a crossroads as the company continues to see weaker demand in […]

Read More