It has been reported by Reuters that Goldman Sachs CEO David Solomon mentioned today that the company might be getting out of its contract and partnership with Apple before 2030.
“We have a contract with Apple to run that partnership until 2030, although there’s some possibility that it won’t continue until that time frame,” he said during its recent earnings call.
The Wall Street Journal reported in November 2023 that Apple and Goldman Sachs would no longer be working together on Apple Card in the next 12-15 months.
Apple also partnered with Goldman Sachs on the Apple Savings Account, making so if Apple were to continue with it, the company would have to find a replacement financial institution to support it.
MacRumors reported that Goldman Sachs had reached out to American Express about taking it over, but due to a previous contract, Apple Card has to work on the MasterCard network until 2026.
Apple previously spoke with Synchrony Financial and Capital One, but there have been no new developments on those conversations. There were also talks about JPMorgan Chase taking over Apple Card too, but nothing official has been said about that.
Goldman Sachs has faced issues with Apple Card, with issues regarding Apple Card and the Apple Savings Account that brought on an investigation by the U.S. Consumer Financial Protection Bureau, as well as Apple not being thrilled about poor customer service in the financial sector. Those issues were related to long wait times for disputed transactions and transferring money from the Apple Savings Account, according to MacRumors.
What are your thoughts on Apple Card and how well Apple and Goldman Sachs have handled it? Comment below or let us know on X at @appleosophy.
