Apple Ends Credit-Card Partnership with Goldman Sachs
In a surprising turn of events, Apple has decided to terminate its credit-card partnership with Goldman Sachs, marking the end of the Wall Street bank’s foray into consumer lending.
According to sources familiar with the matter, Apple recently submitted a proposal to Goldman Sachs to exit the contract within the next 12 to 15 months. This termination would encompass the entire consumer partnership between the two companies, including the credit card that was launched in 2019 and the savings account introduced earlier this year.
The decision to pull the plug on the partnership comes as a blow to Goldman Sachs, which had been looking to expand its presence in the consumer lending space. The collaboration with Apple was seen as a key part of this strategy, and the termination of the partnership represents a setback for the bank’s ambitions in this area.
While the exact reasons behind Apple’s decision to end the partnership are not clear, it is expected to have significant implications for both companies. Goldman Sachs will now have to reassess its consumer lending strategy, while Apple will likely explore alternative options for its financial services offerings.
The termination of the partnership is sure to have ripple effects in the financial industry, and both Apple and Goldman Sachs will be closely watched as they navigate this new development.
With the future of their collaboration uncertain, it remains to be seen what the next move will be for both Apple and Goldman Sachs in the consumer lending space.
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