12/18/2023

Goldman Sachs Faces Rocky Exit from Apple Credit Card Partnership

Goldman does not break down the value of its stake

Four years after Goldman Sachs introduced a credit card with Apple, the Wall Street giant faces a costly exit from a partnership that is seen by other lenders as too risky and unprofitable.

In searching for a buyer for its share of the partnership, Goldman will face pressure from bidders to reduce the value of its stake in order to make the price more attractive, according to two sources familiar with the matter who declined to be identified discussing potential talks.

The expected unwinding of the Apple-Goldman partnership is another blow for CEO David Solomon's consumer strategy, which aimed to broaden the bank's revenue beyond its traditional mainstays of trading and investment banking.

Please select this link to read the complete article from Reuters.