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

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite News Microsoft is set to cut around 9,000 jobs —

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding
Go toTop

Don't Miss

Apple to Bolster UK Workforce in Push for Artificial Intelligence Advancements

Cook said that AI was behind several prominent features on

Goldman Sachs unveils layoff plan

Investment banks had enjoyed a boom year in 2021, as