Goldman Sachs plans to split from Apple after losing billions on its consumer banking campaign, reports say

The Goldman Sachs logo, displayed on a phone screen above, and the Apple logo on the side of a building below.

Goldman could end its partnership with Apple.Getty Images

  • Goldman Sachs may be considering ending its partnership with Apple, The Wall Street Journal has reported.

  • It started offering an Apple-branded credit card in 2019 and other products since then.

  • Goldman has dropped other elements of its consumer banking campaign in recent months.

It looks like Goldman Sachs might prefer Wall Street to Main Street after all.

The investment banking giant has made forays into consumer lending in recent years, but some of them have been abandoned. Now Goldman is also considering breaking up with Apple, according to a Wall Street Journal report.

In 2019, the bank began offering an Apple-branded credit card and launched a savings account and a “buy now, pay later” service with the tech giant earlier this year.

However, Goldman’s broader efforts with consumers have struggled, leading to criticism from CEO David Solomon for supporting attempts to diversify away from its traditional business.

Solomon said last October that the partnership with Apple had been extended until 2029, but those plans could now change.

On Friday, the Journal cited unnamed sources who said Goldman had discussed a deal that would move its Apple offerings to American Express.

CNBC later confirmed the talks, but CNBC and the Journal said no deal was imminent. Any changes would also require Apple’s approval.

In January, Goldman said it had lost about $3 billion from its consumer banking business over three years.

The following month, Solomon said the bank was considering “strategic alternatives” but had appeared committed to partnering with Apple.

Goldman may also seek to discontinue offering a General Motors-branded credit card, the Journal reported.

Goldman Sachs, Apple and American Express did not immediately respond to Insider’s requests for comment, made outside of normal working hours.

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