Apple forayed into the world of finance way back in 2019. The company introduced its own credit card and high-yield savings account services in partnership with American investment banking behemoth Goldman Sachs. Both companies had reportedly extended their contracts seeing them through 2029. However, things between the two haven’t been going well lately. Now, a new report reveals that Apple is pulling out of the partnership with Goldman Sachs.
Apple pulls the plug with Goldman Sachs
The Wall Street Journal citing people familiar with the matter reported that Apple sent a proposal to the investment bank to dissolve its partnership within 12 to 15 months. The transition will be happening over the aforementioned time period and the termination is said to cover their complete consumer partnership including the savings account service which was introduced earlier this year.
As of now, it remains unclear which banking institution will partner with Apple next. WSJ had previously reported that Goldman Sachs was in talks with American Express regarding the prospects of them taking over the Apple Card program. As per reports, the banking firm suffered losses mainly attributed to the Apple Card.
Apple also confirmed to Reuters that Apple Card has seen a great response and they will continue to innovate and deliver the best tools and services for them. This also suggests that the Cupertino-based tech giant’s banking services will continue to exist. The Apple Card that is offered in both digital and physical versions is available in select countries. The company also offers a high-yield savings account and BNPL scheme.
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