Goldman Sachs Group Inc. is considering exiting its partnership with Apple Inc., according to the Wall Street Journal, severing a relationship that helped vault the iPhone maker into the finance world.
The bank is in talks with American Express Co. to take over the Apple credit card and other services that the companies offer together, said the newspaper, citing unidentified people familiar with the situation. Apple is aware of the talks, which have been going on for months, according to the Journal. The tech company would have to agree to a transfer.
Apple’s push into financial offerings — with Goldman Sachs’ help — is part of a broader effort to generate more revenue from services. The tech giant got about 20% of its sales from that category last year, up from less than 10% a decade ago.
Apple and Goldman Sachs recently introduced a long-promised high-yield savings account. But Apple has been laying the groundwork to rely less on partners for its financial services.
Goldman Sachs declined to comment, while Apple didn’t immediately respond to a request for comment.
Goldman Sachs also has discussed transferring its card partnership with General Motors Co. to American Express or another issuer, the Journal reported. Still, a deal with American Express isn’t imminent or assured.
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American Express shares gained 1.1% in after hours trading, while those of Goldman Sachs and Apple were little changed.
