Apple’s push into financial offerings — with Goldman Sachs’ help — is part of a broader effort to generate more revenue from services. The tech giant got about 20% of its sales from that category last year, up from less than 10% a decade ago.
Apple and Goldman Sachs recently introduced a long-promised high-yield savings account. But Apple has been laying the groundwork to rely less on partners for its financial services.
Goldman Sachs declined to comment, while Apple didn’t immediately respond to a request for comment.
Goldman Sachs also has discussed transferring its card partnership with General Motors Co. to American Express or another issuer, the Journal reported. Still, a deal with American Express isn’t imminent or assured.
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American Express shares gained 1.1% in after hours trading, while those of Goldman Sachs and Apple were little changed.
