Goldman Sachs Chairman and CEO David Solomon speaks during a panel discussion at the annual Milken Institute Global Conference held at the Beverly Hilton Hotel in Beverly Hills, California on April 29, 2019. Participate in. Michael Kovacs | Getty Images Entertainment | Getty Images Apple has proposed that Goldman Sachs end its credit card and savings account partnership within the next 12 to 15 months, a person familiar with the matter told CNBC’s Leslie Picker.
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If the move goes through, it would effectively end one of the most high-profile partnerships between banks and technology companies. This also means Apple will have to find new financial partners for its popular credit card Apple Card and Apple-branded high-interest savings accounts. Apple offers both credit cards and savings accounts through his Wallet app on his iPhone, but the banking backend is managed by Goldman Sachs.
When Apple first launched the Apple Card in 2019, Goldman Sachs CEO David Solomon attended a glitzy Apple launch event on its California campus. But the partnership has been fraught in recent years as Goldman Sachs, under CEO David Solomon, backed away from its previous consumer banking ambitions due to rising costs. Goldman has also come under increased scrutiny from regulators over its handling of refunds and billing errors, as well as allegations of gender discrimination in setting credit limits. Earlier this year, Goldman Sachs announced it would explore “strategic alternatives” to its retail banking business.
For Apple, credit cards and savings accounts are a way to add value and additional features to the iPhone while bolstering its rapidly growing paid services business. If Apple pulls out of its deal with Goldman Sachs, it’s unclear whether it will find a new partner or consider major changes to its financial products. “Apple and Goldman Sachs are committed to delivering great experiences to help our customers live healthier financial lives,” an Apple representative told CNBC. “The award-winning Apple Card is resonating with consumers, and we will continue to innovate to provide the best tools and services.”
The Wall Street Journal previously reported on Apple’s proposal. A representative for Goldman Sachs declined to comment. CNBC’s Leslie Picker and Steve Kobach contributed to this article.
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