The Blubber

Apple, $AAPL, is exiting its credit-card partnership with Goldman Sachs, $GS, per WSJ.

Read full article: https://www.wsj.com/finance/banking/apple-pulls-plug-on-goldman-credit-card-partnership-ca1dfb45

The recent proposal from the tech giant suggests its intention to terminate the contract with the Wall Street bank within the next 12 to 15 months, according to sources familiar with the matter. Apple and Goldman Sachs had initiated the rollout of a virtual credit card in 2019.

The proposed exit encompasses their entire consumer partnership, including the savings account introduced this year, as reported.

In response to inquiries about the report, Apple stated, "Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them."

Goldman declined to provide comments.

In April, Apple introduced a high-yield deposit account, offering an annual percentage yield higher than what Goldman provides for an online savings account at its digital consumer bank, Marcus.

The partnership, which played a role in the bank's broader strategy to expand its consumer franchise, was extended last year through 2029, according to the report.

Earlier this year, Apple launched its "buy now, pay later" (BNPL) service in the United States, facilitated through the Mastercard Installments program. The company noted that Goldman was the issuer of the Mastercard payment credential.