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Apple announces termination of partnership with Goldman Sachs, the fate of Apple Card is unknown

2024-06-19 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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CTOnews.com, Nov. 29 (Xinhua) according to the Wall Street Journal, Apple has asked Goldman Sachs to withdraw from the partnership agreement in "about 12-15 months." Apple did not respond, while Goldman declined requests for comment from the media.

There is no doubt that the move will affect its credit card and savings account services, including Apple Card and Apple Savings.

There were earlier reports that Goldman was seeking to break away from its deal with Apple. Goldman claimed to have suffered huge losses on Apple Card, and one executive said: "We shouldn't have signed the contract. It was a mistake."

Goldman Sachs regrets the entire Apple Card partnership, which lost more than $1 billion as of January (CTOnews.com Note: currently about 7.16 billion yuan).

The fate of Apple Card is unclear, and it is not clear whether Apple has found a new issuer for the card. But the Wall Street Journal thinks there are several possibilities in the future.

Goldman Sachs is said to have discussed transferring the project to American Express. But American Express expressed concern about "several aspects of the plan, including its loss rate". In addition, Synchrony Financial has also considered taking over the Apple Card business.

Related reading: "personality disagreement" led to a "breakup" between Apple and Goldman Sachs, and Cook's application for Apple Card was rejected.

Goldman Sachs posted a net loss of $667 million in the second quarter, dragged down by consumer businesses such as Apple's Apple Card.

Goldman Sachs executive: the company lost a lot of money in its Apple Card business, and the whole plan was a mistake.

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