Goldman Sachs reportedly wants to end Apple Card partnership after $1 billion loss
Apple’s banking partner Goldman Sachs is reportedly seeking to end its partnership with Apple, with the Wall Street Journal claiming on Friday that Goldman Sachs is in talks with American Express about transferring its Apple partnership.
According to the report, the banking firm wants to cut back on its consumer business, which would see Goldman Sachs pass over its credit card partnerships to other banks, including Apple Card.
It was reported in January that throughout 2022, Goldman Sachs lost over $1.2 billion from its consumer lending services, with Apple Card accounting for the majority of the loss.
Apple Card is issued by Goldman Sachs, and payments are processed by Mastercard.
Apple Card is only available in the US. Users can make purchases using their Apple Card with Apple Pay on their iPhone, iPad, Apple Watch, and Mac, or with the optional titanium Apple Card bank card, which features no printed card number or security code, making it the world’s most secure credit card.