American Express could potentially take over if Goldman Sachs ends its partnership with Apple

In accordance with a recent report from The Wall Street Journal, Goldman Sachs wants to end its collaboration with Apple.  Goldman Sachs is an American international investment bank and financial services company. It provides a wide range of financial services to a diversified client base. The client community of Goldman Sachs ranges from corporations, financial institutions to governments and individuals.

The banking company Goldman Sachs was associated with Apple for various services like the Apple Card credit card in the US, Apple Pay Later as well as the Apple Savings account for Apple Card users. As per the recent information, the banking company wants to reduce its consumer base. The company is considering American Express (or Amex) to take over the credit card business. The Apple Card and other credit cards, such as the one it provides for General Motors, would be transferred to another company as part of an agreement that would see Goldman Sachs shift its credit card agreements to that firm.

As of now, there is no potential agreement or deal between the two companies. As per the sources who spoke to The Wall Street Journal, there is no assurance that the agreement takes place between American Express and Goldman Sachs or not. Recently, Goldman Sachs extended their collaboration with Apple through the end of the decade. Apple, which is aware of the discussions Goldman Sachs has been holding with Amex, would have to consent to a transfer.