Apple has reportedly presented a proposal to Goldman Sachs to terminate its credit card and savings account collaboration within the next 12 to 15 months, according to a source familiar with the matter. The potential move signifies a significant disruption to one of the prominent partnerships between a tech company and a bank. Apple may need to seek a new financial partner for its popular Apple Card and high-yield savings accounts, currently backed by Goldman Sachs. The partnership has faced challenges, including Goldman Sachs scaling back consumer banking ambitions and regulatory scrutiny.
The proposal from Apple suggests the company’s intention to explore alternatives amid changes in the financial landscape. While Apple aims to offer enhanced financial services through its iPhone ecosystem, ending the agreement with Goldman Sachs could prompt a search for a new partner or even a reconsideration of Apple’s financial product offerings. Both companies have affirmed their commitment to providing an excellent customer experience, with Apple emphasising the positive reception of the Apple Card.
The potential shift comes as Goldman Sachs has expressed a willingness to consider strategic alternatives for its consumer banking business earlier this year. The future of Apple’s financial services will be closely watched as the company navigates the evolving fintech landscape.
This information was first reported by CNBC’s Leslie Picker and previously by the Wall Street Journal. Representatives from both Apple and Goldman Sachs have refrained from commenting on the proposal.