Lloyd Blankfein’s next job may be behind the Genius Bar.
The chief executive’s Goldman Sachs is closing in on a deal to take over Apple’s credit card business, according to a report on Thursday.
The new brand of card, a joint venture between the bank and the tech titan, according to the report, will carry the Apple Pay brand and further cement Goldman’s foray into the world of consumer finance.
The new card will also push Apple into the mobile payments business and allow the Cupertino, Calif., company to tap into a steadier stream of fee income.
Terms of the potential deal are still being hashed out, but Apple is likely to start offering the cards next year, according to the report in The Wall Street Journal.
The potential deal pushes Goldman into a space that’s been occupied by Barclays since about 2005, when the British bank started offering Apple customers no-interest financing on certain purchases.
Goldman’s possible partnership isn’t expected to end Barclays’ relationship with the iPhone maker. The British bank plans to continue offering some financing for Apple products, according to a person familiar with the plans.
Representatives for the companies didn’t return calls for comment.