Tech giant Apple made history Friday by becoming the first publicly-traded U.S. company to end a trading day with a market cap of more than $3 trillion, but changes could be coming to its credit card offering.
Apple launched the Apple Card through a partnership with Goldman Sachs in 2019. This spring, the arrangement expanded to allow consumers with Apple Card accounts to access high-yield savings accounts with Goldman Sachs.
Goldman Sachs is negotiating to offload its Apple Card partnership as it looks to scale back its consumer-facing business with American Express in talks with the investment firm, according to a report by The Wall Street Journal.
APPLE, MICROSOFT, GOOGLE CEOS FAWN OVER INDIA PM MODI
The Journal reported that Goldman Sachs and Amex have been in discussions on the subject for months but aren’t on the brink of announcing a deal. It may take time for the partnership to be transferred between the financial firms if an agreement is eventually reached, the report added. Furthermore, Apple would have to agree to the transfer.
Goldman Sachs is also taking steps to offload some of its other consumer-facing financial initiatives. The Journal reported the firm is discussing the transfer of its credit card partnership with General Motors to Amex or another entity and declined to pursue a card with T-Mobile. If Goldman successfully offloads its credit card offerings and home improvement lender GreenSky, it would be left with its original consumer deposit offering, the Marcus high-yield savings account.
Goldman Sachs declined to comment on this report. Apple did not immediately respond to a request for comment.
APPLE BECOMES FIRST PUBLICLY TRADED COMPANY TO END TRADING DAY ABOVE $3 TRILLION
The news regarding potential future changes to Apple Card comes after Apple became the first public company to close a trading day with a market value of more than $3 trillion following Friday’s trading.
Apple stock was trading at $193.97 at Friday’s close following a gain of 2.3% during the trading day, which resulted in the company reaching a market value of $3.04 trillion. The company’s stock has continued to rise over the weekend, reaching $194.28 a share during after-hours trading on Sunday afternoon.
The company’s market value briefly rose above the $3 trillion mark twice in January during intraday trading before closing just below that threshold.
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Nearly two years ago in August 2021, Apple closed at $2 trillion for the first time. Roughly two years before that, Apple topped $1 trillion for the first time.
Microsoft is the second most valuable public company with a market cap of $2.5 trillion. Oil giant Saudi Aramco follows Microsoft with a market value of $2.08 billion. Tech companies Google, Amazon and Nvidia each have market values above $1 trillion.
FOX Business’ Brie Stimson contributed to this report.
