The iconic tandem of Apple and Goldman Sachs is soon bidding farewell, as the Cupertino company has confirmed that both companies are on the same page to end their partnership. It was Goldman Sachs who was first to express its desire to end the partnership on the Apple Card and Apple Card Savings venture it has with the Cupertino giant, but now, both feel the same way about its rocky relationship.
Amidst this news of Apple and Goldman Sachs' relationship ending soon, the question is now centering on what will happen to these services once it all falls out.
Apple, Goldman Sachs to End Partnership and Services
Apple released a statement earlier today (via CNBC), and it details the soon-ending partnership it has with Goldman Sachs, after around three years of their fintech venture.
According to a source who detailed this information, Apple gave Goldman Sachs a proposal to end their partnership in the next 12 to 15 months, essentially giving them a way out, as previous reports claim that they are looking for it.
Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.
-statement from an Apple Representative
What Will Happen on Apple Card, Savings Venture
While there is still a long time before it officially ends, there are suggestions that Apple is seeing many companies who present their services to fulfill what Goldman Sachs will leave open once it leaves. There is Synchrony Financial, and according to the Wall Street Journal, there are already considerations in stepping in this role for Apple's Card and the Apple Card Savings.
Apple and Goldman Sachs
Back in June, there were reports that Goldman Sachs had seen a $1 billion loss on its partnership with Apple, and this collaboration between both companies started in 2020 when they first offered the Apple Card. Amidst this report, there were also claims that Goldman Sachs is planning to pass this venture to other candidates, with American Express at the top of the list.
The news regarding this unsteady relationship began after Apple and Goldman Sachs introduced their latest venture which offers the high-yield Apple Card Savings service for users. Instead of functioning as a credit card, this Apple Card Savings will allow users to deposit money into their Apple account, and it offers increased interest rates that will help users earn over time, more than traditional banks.
With a rocky relationship unveiled earlier this year, and Goldman Sachs reportedly looking for a successor that will fulfill the financial aspect of its partnership with Apple, it was only time before both announced the end of their venture. Apple's statement confirms a lot for its future with Goldman Sachs, with about more or less one year before both go their separate ways.
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