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. 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 scru...