November 30, 2023
1 min read

Apple to Part Ways with Goldman Sachs

The iPhone maker has sent a proposal to Goldman Sachs, asking it to terminate their partnership within the next 12 to 15 months…reports Asian Lite News

Apple is reportedly ending its partnership with global investment bank Goldman Sachs over its Apple Card.

The iPhone maker has sent a proposal to Goldman Sachs, asking it to terminate their partnership within the next 12 to 15 months, according to The Wall Street Journal.

“The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year,” the report mentioned late on Tuesday.

Goldman Sachs currently issues the Apple Card and powers the company’s savings accounts.

However, earlier reports hinted that their partnership was not going too well and Goldman Sachs reportedly explored offloading the Apple Card onto American Express.

“The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months, according to people briefed on the matter,” the WSJ report mentioned.

Apple or Goldman Sachs were yet to comment on the report.

In August, the iPhone maker said Apple Card’s high-yield savings account by Goldman Sachs saw more than $10 billion in deposits since launching in April.

The savings account from Goldman Sachs offers a high-yield annual percentage yield (APY) of 4.15 per cent.

Since the launch of Savings, 97 per cent of customers have chosen to have their Daily Cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits.

Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, providing the privacy and security users expect from Apple, and offering Daily Cash on every purchase.

ALSO READ: Saudi Extends Term of $3B Deposit to Pakistan

Previous Story

India’s History And Culture Unite And Empower

Next Story

AWS bets big on GenAI

Latest from Business

India’s Clean Cooking Model Offers Global Solution

Mary Burce Warlick, Deputy Executive Director of IEA, underscored that India’s success offers crucial insights into addressing key challenges around affordability, access, and infrastructure India’s success in providing universal access to clean

Lulu Add News Store at Satwa 

Majid Saqer Almarri, CEO of Dubai Land Department inaugurated the new hypermarket in the presence of Yusuff Ali M.A., Chairman of Lulu Group and other dignitaries.  Lulu has officially opened the doors
Go toTop

Don't Miss

Apple Seeks to Source iPhone 16 Batteries From India

Foxconn plans to invest $1.54 billion in India. In a

Apple Q4 Revenue up 6%

Apple services revenue also set an all-time record of $23.1