When Goldman Sachs and Apple launched their joint savings account in April, Goldman held a town hall at its headquarters, where bank executives talked it up. Many Goldman employees agree, and the bank has reversed course on its ill-fated foray into consumer lending. Some senior executives at Goldman want out of what remains of consumer lending—namely, the Apple credit card and other Apple products, and the General Motors credit card, according to people familiar with the matter. Those discussions haven’t reached high levels at either company, and Goldman senior executives say it isn’t an option under consideration. Some bank executives worry that the high balances will make it harder for Goldman to separate from Apple.

Source: Wall Street Journal October 16, 2023 10:34 UTC