Goldman Sachs CEO Says Contract With Apple May End Early
Goldman Sachs CEO David Solomon said that there's "some possibility" the company's Apple Card partnership with Apple could end early, reports Reuters. Goldman Sachs and Apple have a contract that is supposed to last until 2030, but the financial services company wants to get out of consumer banking and out of its deal with Apple.
Back in November 2023, a report from The Wall Street Journal suggested that Apple was aiming to stop working with Goldman Sachs in the next 12 to 15 months. The 12 month mark has already passed, and 15 months is coming up at the end of February, but there hasn't been recent news on the dissolving of the partnership.
Apple partnered with Goldman Sachs for the Apple Card and the Apple Savings account, so Apple needs to find a replacement partner for these services before it can move on from Goldman Sachs.
Goldman Sachs initially approached American Express about taking over the deal, but the Apple Card needs to run on the Mastercard network until 2026 because of a prior contract. Apple held discussions with Synchrony Financial and Capital One, but those talks seem to have ended. As of September 2024, Apple was reportedly in talks with JPMorgan Chase about an Apple Card takeover, but establishing a deal could take months.
Goldman Sachs has faced customer service issues and customer complaints over the Apple Card and Apple Savings account, which ultimately led to an investigation by the U.S. Consumer Financial Protection Bureau. Customers were unhappy with long wait times for disputed Apple Card transactions and issues with transferring money from the Apple Savings account, and Apple is not happy with the poor customer service reputation its financial products have as a result.
Popular Stories
Apple's online store is going down for a few hours on a rolling country-by-country basis right now, but do not get your hopes up for new products.
Apple takes its online store down for a few hours ahead of Black Friday every year to tease/prepare for its annual gift card offer with the purchase of select products. The store already went down and came back online in Australia and New Zealand, ...
Apple recently teamed up with Japanese fashion brand ISSEY MIYAKE to create the iPhone Pocket, a limited-edition knitted accessory designed to carry an iPhone. However, it is now completely sold out in all countries where it was released.
iPhone Pocket became available to order on Apple's online store starting Friday, November 14, in the United States, France, China, Italy, Japan, Singapore, ...
While all Macs are now powered by Apple's custom-designed chips, a new rumor claims that Apple may rekindle its partnership with Intel, albeit in a new and limited way.
Apple supply chain analyst Ming-Chi Kuo today said Intel is expected to begin shipping Apple's lowest-end M-series chip as early as mid-2027.
Kuo said Apple plans to utilize Intel's 18A process, which is the "earliest...
We've been focusing on deals on physical products over the past few weeks, but Black Friday is also a great time of year to purchase a streaming membership. Some of the biggest services have great discounts for new and select returning members this week, including Apple TV, Disney+, Hulu, Paramount+, Peacock, and more.
Note: MacRumors is an affiliate partner with some of these vendors. When...
Apple's disappointing iPhone Air sales are causing major Chinese mobile vendors to scrap or freeze their own ultra-thin phone projects, according to reports coming out of Asia.
Since the iPhone Air launched in September, there have been reports of poor sales and manufacturing cuts, while Apple's supply chain has scaled back shipments and production.
Apple supplier Foxconn has...
Cellular carriers have always offered big savings on the newest iPhone models during the holidays, and Black Friday 2025 sales have kicked off at AT&T, Verizon, T-Mobile, and more. Right now we're tracking notable offers on the iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air. For even more savings, keep an eye on older models during the holiday shopping season.
Note: MacRumors is...
Apple's first foldable iPhone is expected to launch alongside the iPhone 18 Pro models in fall 2026, and it's shaping up to include three standout features that could set it apart from the competition.
The book-style foldable will reportedly feature an industry-first 24-megapixel under-display camera built into the inner display, according to a recent JP Morgan equity research report. That...
