Goldman Sachs is planning to exit its partnership with Apple for the Apple Card in the U.S., Apple Pay Later, and the Apple savings account, The Wall Street Journal reported on Friday.
Goldman Sachs is planning to cut back on its consumer businesses and is now in talks with American Express to take over its Apple credit card and other businesses with Apple.
Goldman Sachs said in January that it has lost more than one billion dollars on its Apple Card partnership since 2020.
Apple is dependent on its strategy, Project Breakout, to develop more finetech products in-house and lower its dependence on companies like Goldman Sachs.
Apple’s market capitalisation reached three trillion dollars on Friday, as investors bet on the company’s ability to grow its revenue, while its shares increased by 1.3 percent.
