Why Goldman Sachs Failed in Consumer Banking

Goldman Sachs is negotiating to sell its apple Credit Card and High Yield Savings Account Products American ExpressA source told CNBC’s Leslie Peake.

Goldman Sachs and Apple declined to comment. CNBC also reached out to American Express.

The talks come as Goldman pulls back from its largely failed consumer banking initiative, which has drawn significant criticism from Chief Executive David Solomon. Last week, CNBC reported that the Wall Street giant was preparing for a huge writedown on its 2021 acquisition of fintech lending firm GreenSky.

wall street journal First reported on the talks between Goldman Sachs and American Express. The newspaper said there was no guarantee a deal would be reached and no deal had been reached.

It would mark an abrupt reversal for the two corporate giants. In October, The Wall Street Journal reported that Goldman Sachs had renewed its partnership with Apple by 2029. In April, Goldman Sachs Chief Financial Officer Denis Coleman said the partnership would be deepened.

“This week, we announced the launch of savings accounts for Apple Card users. We’re excited to deepen our relationship with Apple with this additional service and introduce another source of deposit funding to the company,” Coleman said at the time.

The Wall Street Journal also reported on Friday that Goldman Sachs is in discussions to sell its General Motors Card partnership. CNBC also reached out to GM for comment.

– CNBC’s Steve Kovach and Hugh Son contributed to this report.

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