Goldman Sachs in talks with Amex to offload Apple card partnership - report
Scott Olson
Goldman Sachs (NYSE:GS) has been scaling back its consumer finance aspirations after its plunge into the sector ratcheted up costs and didn't pay out as it had hoped. But it appeared committed to its Apple (NASDAQ:AAPL) credit card deal.
Now, the Wall Street giant is in talks with credit card stalwart American Express (NYSE:AXP) to take over the Apple card and other ventures, the Wall Street Journal reported, citing people familiar with the matter. 
In April, Apple (AAPL) introduced an Apple Card high-yield savings account from Goldman (GS). Also this year, two companies extended their partnership through the end of the decade and agreed to support Apple's "buy now, pay later" financing.
Goldman (GS), however, is now discussing offloading those businesses and its credit-card partnership to American Express (AXP), the people told WSJ. The talks also are considering transferring the General Motors' (GM) card partnership to Amex or another issue, according to some of the people.
In October, Goldman (GS) announced a new corporate structure that scaled back its consumer finance operations and folded them into its Platform Solutions and Workplace & Personal Wealth segment of its Asset & Wealth Management unit.
At its 2023 investor day, Goldman (GS) said it was seeking to unlock the value from its consumer business.
In January, the company disclosed that it lost billions from its consumer banking platform in the past three years.