A brief history of Apple's partnership with Goldman Sachs
Apple and Goldman Sachs' rocky partnership, which began in 2019, looks to be near its end after Apple reportedly sent a proposal to Goldman to exit from the contract.
Driving the news: With Apple potentially seeking a new partner, Bloomberg's Mark Gurman speculates JPMorgan Chase could be a top candidate.
Between the lines: Although Apple is giving Goldman an out, the dissolution of their partnership aligns with Goldman's efforts over the last few months to wind down its consumer businesses.
💭 Ryan's thought bubble: Despite the popularity of Apple Card, the partnership seemed troubled from the start, bringing Goldman under regulatory scrutiny and contributing over $1 billion in losses to its consumer lending operations.
- The question remains whether Chase or another traditional card issuer will agree to some of the concessions — waiving late fees, issuing statements at the start of each month, and not selling customer data — that caused headaches at Goldman.