Apple and Goldman Sachs are launching a credit card

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.

Wall Street was moderately positive on the news, sending Goldman shares up $1.71, to $243.44. Apple shares gained $2.68, to $190.04 — leaving the company with an all-time-high market cap of $934 billion.

Goldman has been expanding into consumer banking since 2016, when it first offered consumer banking services under its Marcus brand.

The bank, which has struggled to make profits in its bond and commodity trading units in recent years, has been looking to expand its deposit base — and has started offering interest rates for savings that dwarf most rivals.

The partnership with Apple is an aggressive move to expand that, analysts said.

“In the case of Goldman specifically, it appears to be the latest in a series of step-out strategies to expand its consumer lending activities while utilizing its growing deposit base and in-house technology resources,” Nathan Flanders, global head of non-bank financial institutions at Fitch Ratings, said in a statement.

“This isn’t just about short-term profits for Goldman Sachs,” Matt Schulz, senior analyst at CreditCards.com, said in a statement. “It’s about tying their brand with Apple’s hugely powerful brand …”