Apple ends partnership with Goldman Sachs

Apple, a tech giant known for its innovative products, ventured into the financial sector in 2019 by introducing its own credit card and high-yield savings account services. These services were launched in partnership with Goldman Sachs, a leading American investment bank. The partnership, which was initially set to last until 2029, is now taking a different turn as Apple decides to end its collaboration with Goldman Sachs.

According to a report from The Wall Street Journal, citing sources familiar with the matter, Apple has proposed to dissolve its partnership with Goldman Sachs within a timeframe of 12 to 15 months. This termination will include the entire spectrum of their consumer financial services, encompassing not only the credit card but also the savings account service that was launched earlier this year.

Apple ends partnership with Goldman Sachs

The decision to part ways with Goldman Sachs raises questions about Apple's next move in the banking sector. Previous reports by The Wall Street Journal suggested that Goldman Sachs was in discussions with American Express about possibly taking over the Apple Card program. These discussions came amid reports that the Apple Card program had been a loss-making venture for Goldman Sachs.

Despite this shift, Apple remains committed to its financial services. The company confirmed to Reuters that the Apple Card has received a positive response and they plan to continue innovating and providing top-notch tools and services. The Apple Card, available in both digital and physical formats, is offered in select countries. Alongside the credit card, Apple also offers a high-yield savings account and a Buy Now Pay Later (BNPL) scheme, indicating that the tech giant's banking services are here to stay, albeit with a different banking partner in the future.

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