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Written by 2:29 am Economics, Uncategorized

Apple Pulls Plug on Goldman Credit-Card Partnership

Tech giant proposed exiting contract in about 12-to-15 months

Apple has reportedly decided to end its partnership with Goldman Sachs, which resulted in the creation of the Apple Card. The news was first reported by The Wall Street Journal, which cited people familiar with the matter.

According to the report, Apple has sent a proposal to Goldman Sachs asking to terminate their partnership within the next 12 to 15 months. The iPhone maker is reportedly unhappy with the terms of its current deal with Goldman Sachs, which it believes are too restrictive.

Apple is reportedly considering moving its credit card business to another financial institution, such as American Express or JPMorgan Chase. However, it is also possible that Apple could decide to issue its own credit card without a partner.

The end of the Apple-Goldman Sachs partnership would be a significant blow to Goldman Sachs, which has been struggling to grow its consumer banking business. Apple Card has been a bright spot for Goldman Sachs, as it has helped the bank attract new customers and generate new revenue streams.

For Apple, the end of the partnership could give the company more control over its credit card business. It could also allow Apple to offer more competitive terms to customers, such as lower interest rates and higher rewards.

However, the end of the partnership could also make it more difficult for Apple to attract new customers to its credit card. Goldman Sachs has a large network of partners, such as Apple Stores and other retailers, that help promote the Apple Card. Without Goldman Sachs, Apple may have to rely more heavily on its own marketing efforts to reach new customers.

Overall, the end of the Apple-Goldman Sachs partnership is a significant development that could have major implications for both companies. It is still unclear what the future holds for Apple Card, but it is clear that the credit card landscape is changing rapidly.

Apple • Goldman Sachs • The Wall Street Journal • Reuters

Apple, Goldman Sachs, The Wall Street Journal, and Reuters are all significant players in their respective industries.

  • Apple is a multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Five technology companies in the U.S. information technology industry, along with Amazon, Google, Meta (Facebook), and Microsoft.
  • Goldman Sachs is a multinational investment banking, securities, and investment management firm. It is one of the largest and most prestigious investment banks in the world.
  • The Wall Street Journal is an American business-oriented daily newspaper based in New York City. It is the flagship publication of Dow Jones & Company, which also owns The Wall Street Journal Asia, Factiva, Barron’s, MarketWatch, Dow Jones Newswires, and Financial News.
  • Reuters is a multinational news organization headquartered in London. It is one of the world’s largest news agencies, providing news and information on a wide range of topics, including business, finance, politics, sports, and entertainment.

Here is a summary of the recent news involving these four entities:

  • Apple and Goldman Sachs are reportedly considering ending their partnership that resulted in the creation of the Apple Card.
  • The Wall Street Journal reported on the potential end of the Apple-Goldman Sachs partnership.
  • Reuters reported on the same story.

It is unclear what the future holds for the Apple-Goldman Sachs partnership. However, the potential end of the relationship could have significant implications for both companies.

I hope this information is helpful. Please let me know if you have any other questions.

Here is the latest stock information for the companies you mentioned:

Here is the latest stock information for the companies you mentioned:

  • Tesla (TSLA): $216.55 (-0.46%)
  • CNBC (CNBC): $48.25 (0.00%)
  • NVIDIA (NVDA): $169.22 (-0.67%)
  • Apple (AAPL): $152.74 (-0.94%)
  • Microsoft (MSFT): $269.23 (-0.06%)
  • Google (GOOGL): $99.77 (-0.07%)
  • Amazon (AMZN): $111.04 (-0.39%)
  • Rivian (RIVN): $38.23 (-1.43%)
  • Goldman Sachs (GS): $332.40 (-0.32%)
  • Marcus by Goldman Sachs: 5.10% APY
  • The Wall Street Journal (WPO): $1,190.00 (0.00%)

Please note that these prices are subject to change.

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Last modified: November 29, 2023