In 2019, Goldman Sachs made a splash by announcing what it called a “game-changing” credit card with Apple. Five years later, the partnership appears to have fizzled and Apple is reportedly looking for a new card partner. If this goes forward, it will stick Goldman with a large bill and see the bank eliminate one of its three business lines entirely, according to a star analyst.
For context on Goldman's potential business pivot, it's helpful go back nearly ten years ago. That's when the firm, known for advising high net worth individuals and for its storied investment bank, decided to diversify. In 2016, it launched Marcus by Goldman Sachs, an online bank that offered personal loans and savings accounts. Goldman then added credit cards to its consumer mix, including partnerships with GM and Apple.
