Apple Explores Exiting Partnership with Goldman Sachs for Apple Card and Savings Accounts

Apple recently presented a proposal to terminate its collaboration with Goldman Sachs, involving the Apple Card and high-yield savings accounts, within the next 12 to 15 months, as revealed by a source familiar with the matter to CNBC’s Leslie Picker.

 

Apple, Goldman Sachs, Partnership

Should this move materialize, it would mark the conclusion of a prominent partnership between a tech giant and a financial institution, prompting Apple to seek a new financial ally for its popular Apple Card and associated savings accounts. Despite Apple delivering these financial services through its iPhone wallet app, the backend banking operations are currently managed by Goldman Sachs.

 

Goldman Sachs CEO David Solomon attended the grand launch event of the Apple Card in 2019, held at Apple's California campus. However, the partnership has encountered challenges, with Goldman Sachs, under Solomon's leadership, scaling back its consumer banking pursuits due to escalating costs. The bank has also faced regulatory scrutiny regarding refund procedures, billing errors, and allegations of gender discrimination in credit limit determinations.

 

Earlier this year, Goldman Sachs announced its contemplation of "strategic alternatives" for its consumer banking division. For Apple, the Apple Card and savings accounts serve as tools to enhance the iPhone user experience and contribute to the growth of its services business through associated fees. Whether Apple has secured a new financial partner or contemplates substantial changes to its financial products in the event of parting ways with Goldman Sachs remains unclear.

 

An Apple representative emphasized the commitment to customer satisfaction, stating, “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.” This proposal was initially reported by the Wall Street Journal, while a representative from Goldman Sachs declined to comment.

 

In this evolving scenario, Apple navigates the possibility of reshaping its financial partnerships to sustain the success of the Apple Card and savings accounts, ensuring continued innovation and top-tier services for its user base.

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