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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.

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