Credit: Edgar Cervantes / Android Authority
- According to reports, Apple has sent Goldman Sachs a proposal for a potential exit from their Apple Card partnership.
- This proposal could take over 12 to 15 months to terminate the partnership, which would have otherwise lasted until 2019.
- A different report suggests Apple does not intend to discontinue the Apple Card, even if Goldman Sachs exits.
The Apple Card has been one of Apple’s more ambitious projects yet, as it forays into the domain of financial products, an area in which Apple does not have particular expertise. So, it made a lot of sense when Apple announced that it was launching the Apple Card in partnership with Goldman Sachs in 2019.
But over the recent months, Goldman Sachs has wanted to exit this partnership (and its other credit card tie-ups), as all of it proved costlier than expected. A report from Bloomberg suggested that the firm reported $1 billion in pretax loss in 2021 and about $2 billion in 2022, most of which were tied to the Apple Card. It was even in talks with American Express to take its place in the partnership.
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