We have known for some time that the Apple-Goldman relationship was on shaky ground. And that Apple Card might be getting a new home.
The Wall Street Journal is reporting that Apple has indeed decided to move on from Goldman in roughly 12 to 15 months. This will mean both the Apple Card and the savings account (that was rolled out just a few months ago) will need a new banking partner.
With Goldman deciding to exit the consumer business this felt like it was only a matter of time. Apparently, Goldman had already told Apple that it was looking to exit the partnership.
So, who will pick up this highest-profile partnership in all of fintech? The WSJ could not confirm any new name. We do know American Express was interested but they had some concerns. Synchrony has also been mentioned. There are not many names who have the capacity to take on this partnership.
We will find out in due course. In the meantime, Goldman has to try to hold on to those employees who work in the card and savings account programs who know their days are numbered.
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Apple Pulls Plug on Goldman Credit-Card Partnership
The tech giant proposed exiting the contract in about 12 to 15 months, which would knock down a main pillar of Goldman’s soured bid to expand into main-street lending.
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