According to an unnamed source, Apple has reportedly proposed to end its credit card and savings account partnership with Goldman Sachs within the next 12 to 15 months. If the move goes through, it would mark the conclusion of a high-profile collaboration between a bank and a tech company. Apple would need to find a new financial partner for its Apple Card and high-yield savings accounts, as Goldman Sachs currently handles the banking backend for these products.
The partnership has faced challenges, with Goldman Sachs retreating from its consumer banking ambitions and facing regulatory scrutiny over handling refunds, billing errors, and allegations of gender discrimination in credit limit determinations. Earlier this year, Goldman Sachs announced it would explore “strategic alternatives” for its consumer banking business.
For Apple, the credit card and savings accounts enhance the value and features of its iPhone, contributing to its growing services business. The company has not disclosed whether it has identified a new partner or if it would consider significant changes to its financial products if it exits the agreement with Goldman Sachs. Both Apple and Goldman Sachs emphasized their focus on delivering an excellent customer experience and innovation in financial products.
Apple’s proposal to end the partnership was first reported by the Wall Street Journal, and a representative for Goldman Sachs declined to comment. The move, if completed, would require careful transition planning to ensure a seamless experience for Apple Card users and those with savings accounts tied to the partnership.
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