Little trouble for Apple, or Goldman Sachs incompetence?

It's a holiday in the US and I'm slowly working my way through the news over the last few days this morning and I came across one, admittedly unconfirmed from anyone involved, but interesting, especially for $AAPL-1.1% fans

Goldman Sachs $GS+1.6% is in talks to transfer Apple $AAPL-1.1% credit card and savings account products to American Express $AXP+0.5%, a source told CNBC. This report was first reported by The Wall Street Journal, about the negotiations with Goldman Sachs and American Express. subsequently, this report appeared on CNBC.

It would mark a sudden turnaround for the two corporate giants. In October, the Journal reported that Goldman and Apple had renewed their partnership through 2029 . And in April, Goldman CFO Denis Coleman offered to deepen the partnership, saying: "This week we announced the launch of a savings account for Apple Card users. We are excited to deepen our partnership with Apple through this additional offering and introduce another source of deposit funding for the company," Coleman said at the time.

Last week, CNBC also reported that $GS+1.6% is preparing for a huge write-down of its acquisition of fintech lender GreenSky. The Journal added information on Friday that something similar is in the works with $GM+0.1%, a General Motors Company. These negotiations come amid a retreat by Goldman from its largely unsuccessful consumer banking initiatives.

Anyway, as I said at the beginning, this is still unconfirmed information from the parties involved, but it's reported by pretty relevant sources that probably a lot of us also read for interesting news, so we'll see what comes of it. Have a good investment free day. 🍀