According to sources, Goldman intends to transfer Apple Card to American Express


According to the Wall Street Journal (WSJ), citing people familiar with the issue, the banking behemoth is supposedly in discussions with American Express to take over the credit card and other Goldman-Apple relationships.

American Express and Apple have been contacted for comment, but neither has answered. A spokesman from Goldman Sachs declined to comment.

According to the WSJ, Goldman had planned to downsize its consumer banking business late last year, but their relationship with Apple appears to have been untouched. Even as Goldman transitioned away from consumer banking, the firms deepened their partnership.

However, sources now tell the WSJ that Goldman wants to give American Express those companies and its credit card alliance. According to some of the individuals, the Wall Street behemoth has also discussed switching to Amex for its credit card association with General Motors.

A Goldman/Amex agreement is not definite, may take a long time to play out, and would need Apple’s consent, according to persons familiar with the negotiations.

The information comes in the wake of last month’s revelations that Goldman was looking at strategic alternatives for its consumer division and its GreenSky instalment financing company and had received proposals from Apollo Global, Sixth Street, and Warburg Pincus.

According to the research, additional scrutiny mandated by anti-money laundering and other security requirements may be the cause of the delays. When sizable transfers are made from brand-new accounts, like with Apple’s savings accounts, which were just introduced in April, this kind of behaviour is typical.