Apple Reportedly Ends Partnership With Goldman Sachs
Apple is be;ieved to have dumped Goldman Sachs.
Apple made its way into the world of finance in 2019, introducing its own credit card and savings account service, alongside new partner Goldman Sachs, an American investment banking company, now that relationship is believed to have soured.
Recent reports claim they both extended their contracts through to 2029. Now, a new report claims Apple is cutting ties with Goldman Sachs.
People familiar with the matter, who remained anonymous, reported Apple sent a proposal to Goldman Sachs to dissolve the partnership within 12 – 15 months.
The transition is set to happen over that time, and the termination is said to cover their complete consumer partnership, including the savings account service.
It’s still unclear which banking institution will be Apple’s next partner, however, previous reports suggested Goldman Sachs was looking into American Express regarding taking over the Apple Card program.
Reports revealed the banking firm has suffered losses mainly due to the Apple Card.
Apple confirmed the Apple Card had seen a great response, and they plan to continue delivering tools and services for them. This suggests the company’s banking services won’t become a thing of the past.
The Apple Card is available both digitally and physically in select countries. Apple also provides a high-yield savings account and BNPL scheme.