Apple to end credit card partnership with Goldman Sachs

(New York) Apple will end its credit card partnership with the investment bank Goldman Sachs, reported Tuesday Wall Street Journalat a time when the American banking giant is withdrawing from the consumer loan market.

The Californian technology firm has sent a proposal to Goldman Sachs for an end in 12 to 15 months of the contract uniting them, reports the New York daily citing people familiar with the matter.

THE WSJ adds that this release concerns their entire partnership in the personal market, including their credit card launched in 2019 as well as the savings account launched this year.

It is not certain at the moment whether Apple already has a new partner for this credit card, according to the daily.

The end of the partnership comes as Goldman Sachs backtracks on its attempts to enter the consumer lending market, which have proven more expensive than expected.

According to Wall Street JournalGoldman Sachs had notified Apple earlier in 2023 that the bank intended to end the partnership.

Goldman Sachs has raised the possibility of passing on its program to bank card operator American Express, while financial services company Synchrony Financial is also in the race, the daily said.

The New York bank, which reached an agreement to sell Greensky, its banking subsidiary dedicated to individuals, is also reportedly seeking to end its credit card partnership with automobile giant General Motors.

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