Apple's ambitions to enter banking sector in jeopardy? Goldman wants to end partnership

 Little by little, Apple is entering the financial sector. The tech giant has already launched a credit card, a deferred payment system and a lucrative savings account. Now, however, the tech giant is in danger of losing an important partner from the banking sector. U.S. major bank Goldman Sachs wants to end cooperation with the iPhone maker.

Recap: Goldman Sachs announced in late 2022 that it planned to wind down its consumer business. At the time, the U.S. bank still seemed to attach great importance to its relationship with Apple.

• In fact, the bank extended its collaboration until the end of the decade. Through that collaboration, the bank supports financial services the Cupertino-based company plans to offer its customers, including deferred payments and .
• "It's a very, very solid partnership with a lot of opportunity," David Solomon, CEO of Goldman Sachs, said last October.

Today: According to the Wall Street Journal, Goldman Sachs wants to end its partnership with Apple.

• The bank is reportedly in talks with American Express to acquire the credit card it launched with Apple. The talks have reportedly been ongoing for several months.
• For now, no deal has been reached and there is nothing to suggest that Goldman Sachs will achieve its goal anytime soon, according to several people aware of the matter.
• Moreover, it would take some time for the transfer of business to become a reality. In any case, Apple would have to agree to it.

Ambitions scaled back

If Goldman Sachs says goodbye to the Apple Card (and credit cards in general) it would mean the end of its credit business aimed at consumers. The financial institution has already stopped making personal loans and also wants to sell Greensky, a provider of renovation loans that the bank bought in 2022, according to the .

• In doing so, Goldman Sachs would completely shelve its grand plans to become a full-service bank.
  • The loss of some $3 billion since 2020, caused by the switch to consumer operations, certainly played a determining role.
• Goldman Sachs seems to want to return to its first love: high-interest savings accounts.

Implications for Apple

An eventual end to the partnership between Apple and Goldman Sachs does not yet mean the end of the tech giant's financial services. As you could read above, the major bank is looking for a new partner to take over certain operations, including credit cards.

• Therefore, Apple's credit card, deferred payment service and savings account are not doomed to disappear.
• On the other hand, we can imagine that transferring Apple's partnership to another bank is likely to disrupt the tech giant's financial business and delay its plans in that area.
  • That may cause for consumers.
  • But it will also delay the rollout of the Apple Card in new countries.
  
  

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