Goldman Sachs CEO David Solomon said there was “some possibility” that the Apple Card partnership between the company and Apple could end sooner, reports Reuters. Goldman Sachs and Apple have a contract that is supposed to last until 2030, but the financial services company wants to get out of consumer banking and its deal with Apple.
In November 2023, a report from The Wall Street Journal suggested that Apple aims to stop working with Goldman Sachs within the next 12 to 15 months. The 12 month mark has already passed, and the 15 month mark is approaching at the end of February, but there has been no recent news on the dissolution of the partnership.
Apple has partnered with Goldman Sachs for the Apple Card and Apple Savings account, so Apple must find a replacement partner for these services before it can leave Goldman Sachs.
Goldman Sachs initially contacted American Express to take over the deal, but the “Apple Card” must work on the Mastercard network until 2026 due to a prior contract. Apple has had discussions with Synchrony Financial and Capital One, but those discussions appear to be over. In September 2024, Apple was reportedly in talks with JPMorgan Chase about a buyout of Apple Card, but it could take months to reach a deal.
Goldman Sachs faced customer service issues and customer complaints regarding the Apple Card and Apple Savings account, ultimately leading to an investigation by the US Consumer Financial Protection Bureau. Customers were unhappy with long wait times for disputed Apple Card transactions and problems transferring money from the Apple Savings account, and Apple is unhappy with Apple’s poor customer service reputation. its financial products.
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