Apple Picks Goldman Sachs to Issue Reward Credit Card
-Goldman deal to replace existing arrangement with Barclays Plc
-Goldman seeking to compete more for co-brand credit card deals
Goldman Sachs Group Inc. will issue Apple Inc.’s new co-brand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.
Goldman Sachs’s arrangement with Apple would replace the technology giant’s previous deal with Barclays Plc, the person said, asking not to be identified discussing internal plans. The two companies are still formulating the product, the person said.
Goldman Sachs is planning a deeper foray into the world of co-brand credit cards, a space that’s become increasingly competitive as banks ratchet up rewards to win business with retailers. The firm has been expanding into consumer finance through its new Marcus unit, an effort led by Harit Talwar, the former head of Discover Financial Services’ U.S. card business.
Goldman Sachs recently hired Scott Young and Anand Sivadasan, who had previously negotiated co-brand credit-card partnerships for Citigroup Inc., and Shailesh Mendonca, a digital marketing executive from Capital One Financial Corp.
Spokesmen for Goldman Sachs, Apple and Barclays declined to comment. The Wall Street Journal reported on the new partnership earlier Thursday, saying a card could be released next year.
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