Apple wants to kill Apple Card, Apple Savings partnership with Goldman Sachs Wednesday, November 29, 2023 8:58 am 3 Comments
Apple is looking to pull the plug on its Apple Card / Apple Savings partnership with Goldman Sachs, ending the Wall Street bank’s bid to expand into consumer lending.
AnnaMaria Andriotis for The Wall Street Journal:
The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12 to 15 months, according to people briefed on the matter. The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year.
It couldn’t be learned whether Apple has already lined up a new issuer for the card… Goldman has discussed with American Express the possibility of handing over the program to the card giant. Amex expressed concern about several aspects of the program, including its loss rates, and it isn’t clear if those discussions have continued. Synchrony Financial has also been looking into the possibility of taking over the credit-card program, some of the people said…
The move would mark a swift about-face for a program that just over a year ago was extended through 2029 and was intended to serve as a pillar of Goldman’s main-street ambitions.
For Goldman, the partnership was a big part of its failed bid to diversify beyond businesses serving big corporate and investor clients and the ultrarich, and its demise is the final big step back from the failed experiment. Goldman is now turning back to focusing on those core clients.
MacDailyNews Take: Doesn’t inspire us to consider Goldman’ Marcus savings accounts, that’s for sure. Apple will be just fine with a new, less skittish, more seasoned, and more reliable banking partner.
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