Deep Dives

Goldman Sachs contemplating separation from Apple after significant losses

July 2, 2023
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Goldman Sachs is contemplating terminating its collaboration with Apple, according to The Wall Street Journal. This includes the Apple-branded credit card and additional products that Goldman Sachs has been providing.

End of Partnership: Goldman Sachs is thinking about ending its association with Apple.
  • The firm began offering an Apple-branded credit card in 2019 and has added more products since then.
  • Unnamed sources mentioned by The Wall Street Journal suggest Goldman Sachs has discussed moving its Apple services to American Express.

  • Consumer Banking Struggles: Goldman Sachs has been struggling with its consumer banking efforts.
  • Recent attempts to diversify away from its traditional activities have faced criticism, especially targeting CEO David Solomon.
  • In January, Goldman announced a loss of about $3 billion from its consumer banking activities over three years.

  • Possible Changes: Despite previous commitment, Goldman Sachs might be revising its strategies.
  • Although the partnership with Apple was extended until 2029 last October, current plans might be changing.
  • Reports from both The Wall Street Journal and CNBC suggest no immediate deal is in the offing, and any alteration would require Apple's approval.

  • Additional Moves: Goldman Sachs may be considering other strategic changes.
  • The firm might also be planning to discontinue its General Motors-branded credit card service.
  • However, there were no immediate responses from Goldman Sachs, Apple, or American Express to the requests for comment made by Insider.
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