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Report: Goldman Sachs could soon end its partnership with Apple

Goldman Sachs, the issuing bank of Apple Card, is in active discussions to end its partnership with Apple’s fintech endeavors. The news is courtesy of a recent report from The Wall Street Journal.

Per the report, Goldman Sachs and American Express are in talks that would see the latter take over the issuance and management of Apple Card, Apple Savings account, and Apple Pay Later, which recently launched and is supported by Goldman Sachs and the Mastercard Installments program.

Sources warn that talks between Goldman Sachs and Amex are still early, as any potential agreement between the two “isn’t imminent or assured.” The report alleges that the talks have been going on for months and that Apple is aware of the discussions. Even if a deal was to be struck soon, it won’t be finalized for the foreseeable future, as Apple has the ultimate say on whether Goldman Sachs can go ahead and transfer Apple’s fintech duties to Amex.

The talks are part of a wider initiative within Goldman Sachs which would see the bank offloading its entire consumer banking business, transforming into a “full-service bank.” As part of the initiative, Goldman Sachs is also looking to offload its General Motors partnership to Amex or other issuers, adds the report.

Apple and Goldman Sachs began their partnership in 2019 with the launch of the Apple Card. The credit card integrates directly with the user’s Apple ID and the Wallet app on their iPhone, offering no fees of any kind. The physical card is made out of titanium and doesn’t include any personal information bar the holder’s name as a privacy precaution. Apple Card also offers Daily Cash back rewards, which users can opt to transfer to a high-yield Apple Savings account with an APY of 4.15%

Apple Card is still only limited to the United States nearly four years after its launch, but that could change soon as the company has reportedly held talks to launch the credit card and Apple Pay in India.

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Editor's Pick

Omar Moharram

Omar Moharram

Omar is Senior Editor at Supercharged and an Apple devotee since his early teens. He graduated with a computer engineering degree in 2022, which aids him in his technical content writing. Outside of work, he can often be found critiquing music or a film, or tinkering with a bass.

Read More

Who are we?

Supercharged is not just another news outlet. We’re a platform on a mission to offer personalized and ad-free news directly to you. Discover more of Supercharged.

Report: Goldman Sachs could soon end its partnership with Apple

Goldman Sachs, the issuing bank of Apple Card, is in active discussions to end its partnership with Apple’s fintech endeavors. The news is courtesy of a recent report from The Wall Street Journal.

Per the report, Goldman Sachs and American Express are in talks that would see the latter take over the issuance and management of Apple Card, Apple Savings account, and Apple Pay Later, which recently launched and is supported by Goldman Sachs and the Mastercard Installments program.

Sources warn that talks between Goldman Sachs and Amex are still early, as any potential agreement between the two “isn’t imminent or assured.” The report alleges that the talks have been going on for months and that Apple is aware of the discussions. Even if a deal was to be struck soon, it won’t be finalized for the foreseeable future, as Apple has the ultimate say on whether Goldman Sachs can go ahead and transfer Apple’s fintech duties to Amex.

The talks are part of a wider initiative within Goldman Sachs which would see the bank offloading its entire consumer banking business, transforming into a “full-service bank.” As part of the initiative, Goldman Sachs is also looking to offload its General Motors partnership to Amex or other issuers, adds the report.

Apple and Goldman Sachs began their partnership in 2019 with the launch of the Apple Card. The credit card integrates directly with the user’s Apple ID and the Wallet app on their iPhone, offering no fees of any kind. The physical card is made out of titanium and doesn’t include any personal information bar the holder’s name as a privacy precaution. Apple Card also offers Daily Cash back rewards, which users can opt to transfer to a high-yield Apple Savings account with an APY of 4.15%

Apple Card is still only limited to the United States nearly four years after its launch, but that could change soon as the company has reportedly held talks to launch the credit card and Apple Pay in India.

Share this Article
note icon

Did you know?

Easily add Supercharged to your Home Screen and stay informed on the go! Get instant updates and breaking news stories via push notifications directly on your iPhone and Apple Watch. Just tap the share icon, then "Add to Home Screen," and be the first to know.

Have a tip for our newsroom? Securely reach out to us and tell us what you know. Your insight and information are invaluable to the work we do. Click here.

Have a tip for our newsroom? Securely reach out to us and tell us what you know. Your insight and information are invaluable to the work we do. 

Editor's Pick

Omar Moharram

Omar Moharram

Omar is Senior Editor at Supercharged and an Apple devotee since his early teens. He graduated with a computer engineering degree in 2022, which aids him in his technical content writing. Outside of work, he can often be found critiquing music or a film, or tinkering with a bass.

Read More

Craig Federighi

Age: 63
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