WASHINGTON (AFP) – Apple is set to end its credit card tie-up with Goldman Sachs, a United States newspaper reported on Tuesday, as the investment bank pulls back from consumer lending.
Apple sent a proposal to Goldman Sachs to exit from their contract in 12 to 15 months, the Wall Street Journal reported, citing people familiar with the matter.
The report added that this break covers both parties’ whole consumer partnership, including a credit card they launched in 2019, as well as a savings account launched this year. But it is unclear if Apple already has a new issuer for the card, the Journal said.
This comes as Goldman Sachs has been pulling back from its move into consumer lending, which has proven more costly than anticipated.
According to the Journal, Goldman had earlier told Apple it would be planning to offload the partnership.
