Apple to end Goldman Sachs credit card partnership: report

According to a US newspaper on Tuesday, Apple and Goldman Sachs are going to part ways as the investment bank reduces its involvement in consumer loans.

According to persons familiar with the situation, the Wall Street Journal stated that Apple gave Goldman Sachs a proposal to end their agreement in a period of 12 to 15 months.

According to the source, the gap extends to the entirety of the consumer collaboration between the two parties, encompassing the launch of a savings account this year and a credit card in 2019.

But it is unclear if Apple already has a new issuer for the card, the Journal said.

This comes as Goldman Sachs has been pulling back from its move into consumer lending, which has proven more costly than anticipated.

According to the Journal, Goldman had earlier told Apple it would be planning to offload the partnership.

According to the Journal, the Wall Street bank has talked about giving American Express this initiative, and Synchrony Financial has been thinking about taking it over as well.

According to reports, Goldman has struck a deal to sell consumer banking company GreenSky and has been trying to break up with General Motors for another credit card collaboration.

AFP’s inquiries regarding the matter were not answered by Apple or Goldman Sachs.

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
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