According to a US tabloid, Apple is expected to sever its credit card partnership with Goldman Sachs as the investment bank withdraws from consumer lending.
According to those familiar with the situation, Apple issued a proposal to Goldman Sachs to terminate their contract in 12 to 15 months.
According to the source, this interruption includes both firms’ entire consumer partnership, including a credit card established in 2019 and a savings account launched this year.
However, it is unknown whether Apple has already found a new issuer for the card, according to the Journal.
This comes as Goldman Sachs withdraws from its consumer lending venture, which has proven to be more costly than anticipated.
According to the Journal, Goldman had already informed Apple that it intended to sell the alliance.
The Wall Street bank has explored handing over this initiative to American Express, while Synchrony Financial has also expressed interest, according to the Journal.
Goldman has previously agreed to sell consumer banking startup GreenSky and has been negotiating to cancel another credit card arrangement with General Motors.
Apple and Goldman Sachs did not reply to AFP queries on the matter.