According to a report from the The Wall Street Journal, Goldman Sachs is looking to part ways from Apple. The Cupertino-based company has partnered with Goldman Sachs initially for Apple Card and subsequently launched Apple Pay Later and also Apple Savings Account for Apple Card users.
Last year, WSJ reported that Goldman Sachs and Apple have renewed their partnership till 2029. Goldman Sachs’ Chief Financial Officer Denis Coleman had said, “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.”
According to WSJ, American Express is in talks with Goldman Sachs to take over Apple’s card division from them. The sources of the Journal said that the deal is not “imminent or assured.” Also, this won’t be happening anytime soon as it also requires approval from Apple. The bank is also looking to offload its partnership with General Motors for their credit card. The Cupertino giant is aware of the discussions happening between those banks.
Apple also recently discussed with the local bodies of India about launching Apple Card and Apple Pay in the country. It is considering HDFC Bank to partner up for its credit card and is holding talks with NPCI regarding the launch of Apple Pay.