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Goldman in talks to offload Apple Card to American Express: Source

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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.

The Journal also reported 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.

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