Four years after teaming up to launch the Apple Card in 2019, Apple and Goldman Sachs are terminating the relationship. The Wall Street Journal reports that Apple recently sent a proposal to the investment bank and financial services company to exit from the contract in the next 12 to 15 months. In addition to the Apple Card, the exit would cover the high-yield Apple Card Savings account that the two launched earlier this year.
This is a complete 180 for two companies that extended their partnership through 2029 just last year. That said, it’s not especially surprising given that Goldman Sachs reportedly lost billions of dollars trying to build out this full-service operation.
Earlier reports said that Goldman attempted to pawn the Apple Card off on American Express, but the credit card issuer had concerns about the program’s viability. Sources claim Synchrony Financial, which issues credit cards for retailers such as Ashley Furniture and JCPenney, could be interested again after being outbid by Goldman years ago.
As for the future of the Apple Card and the Savings account, it will all depend on whether or not Apple can get another issuer lined up. The supposed 12 to 15 month timeline certainly gives the iPhone maker plenty of time, but someone has to say yes.
