Four years ago, Apple and Goldman Sachs tied up for the Apple Credit Card project, and their partnership did yield some good results. This caused the two entities to sign an extension in their partnership till 2029, but recent news reports suggest that Apple may be trying to end this partnership in the next 12 months.
Earlier this year, Apple and Goldman Sachs jointly announced a high return savings account for Apple customers, something that was met with open arms. But, a little while later Goldman Sachs made a corporate decision to step away from the consumer lending business and they informed Apple of the same. With one partner walking away, it does not make sense for Apple to pursue this partnership any longer. American Express has been approached to take over Goldman Sachs’ side of things.
Goldman is undergoing a bit of a transition these days. They had recently prepared to sell home improvement loan company Green Sky, and also prepared to end its credit card partnership with General Motors. There were rumblings of layoffs approaching, but Goldman Sachs made it very clear, that if there are layoffs, they will be giving that employee one year worth salary.
“Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.”, said a spokesperson from Apple.
