HomeMarket NewsApple Severs Ties with Goldman Sachs

Apple Severs Ties with Goldman Sachs

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Berlin, Germany September 16 2023 Paying online with bank credit card and mobile phone in hands closeup

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Apple (NASDAQ:AAPL) is officially calling it quits on its consumer-finance partnership with Goldman Sachs (NYSE:GS), as reported by The Wall Street Journal, signaling the end of the investment bank’s consumer-lending dreams.

According to the report, Apple has put forward plans to exit its credit-card and savings-account contract with Goldman within the next 12-15 months, citing individuals familiar with the matter.

Goldman Sachs faced substantial losses in setting up its consumer operation, leading to an unprecedented move as a non-merchant card partner when it informed Apple earlier this year about its intention to terminate the partnership.

Moreover, Goldman recently disclosed plans to terminate its credit-card partnership with General Motors. The bank has initiated discussions with American Express (NYSE:AXP) about the potential of taking over Apple’s card program, although the new issuer remains undetermined.

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