Apple Ends Credit Card Partnership with Goldman Sachs

Apple sent Goldman Sachs a proposal to exit the contract within the next 12 to 15 months, marking a sudden change for a plan that was extended until 2029 just last year. Sources believe that the bank’s failed plans to expand into consumer lending were the last straw for the tech company, which is relying on its services segment amid slowing iPhone sales. It is unclear whether or not Apple has a new issuer for the card already lined up, but companies like Synchrony are looking to take over the program. The partnership marks another failure in Goldman’s attempts to expand into the consumer segment.