Apple is terminating its partnership with financial institution Goldman Sachs for the Apple Card platform.
The Wall Street Journal recently reported that Apple intends to stop working with the company in around 12-15 months. More importantly, it’s not specified whether Apple has secured another company to take Goldman Sach’s place. In a statement, Apple said that it will continue providing ‘the best tools and services’ for Apple Card holders.
Rumors claim that Goldman Sachs wanted out of the partnership with Apple this year, with negotiations surrounding American Express taking over the responsibilities. It’s believed that Synchrony Financial will be next in line in handling the Apple Card, according to WSJ.
Apple and Goldman Sachs entered a deal in 2019 for the Apple Card, as well as the Apple Savings and Apple Pay Later. The partnership wasn’t smooth as Goldman Sachs had customer service issues with Apple Card holders, which they weren’t happy with.