Goldman Sachs Group is planning to exit its partnership with Apple Inc., The Wall Street Journal reported.

Apple has partnered with Goldman Sachs for the Apple Card in the US, Apple Pay Later, and the Apple Savings account that ‌Apple Card‌ users can opt for.

According to the report, Goldman Sachs wants to cut back on its consumer business, and is now in talks with American Express (Amex) to take over its Apple credit card and other businesses with the iPhone maker.

Apple, Goldman Sachs and Amex are yet to comment on the report.

American Express has not yet established an agreement with Goldman Sachs, and a deal is not "imminent or assured," The Wall Street Journal, reported.

In January, Goldman Sachs said that it has lost more than $1 billion on its Apple Card partnership since 2020. At the same time, Apple is riding on Project Breakout, a strategy to develop more fintech products in-house and lower the dependence on companies such as Goldman Sachs.

Meanwhile, Apple Inc's market capitalisation on Friday breached the $3 trillion mark for the first time since January last year, as investors bet on the company's ability to grow its revenue.

Shares of Apple were up 1.3% at $191.99 in morning trading.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@lseg.com)