Apple announces severing cooperation with Goldman Sachs, Apple Card’s future is uncertain

News from this site on November 29, according to the "Wall Street Journal", Apple has made a request to Goldman Sachs, hoping to use "about 12-15 months to withdraw from the cooperation agreement." Apple has yet to respond, while Goldman Sachs declined requests for comment from major media outlets.

There is no doubt that this move will affect its credit card and savings account services, including "Apple Card" and "Apple Savings".

According to reports, there are reports that Goldman Sachs is trying to end its trading relationship with Apple. Goldman Sachs claims huge losses on Apple Card, one executive says: "We should never have signed this contract, it was a mistake"

Goldman Sachs regrets entire Apple Card partnership, as of January In March, Goldman Sachs lost more than 1 billion US dollars due to this business (note on this site: currently about 7.16 billion yuan).

The fate of the Apple Card is unclear, and it is currently unknown whether Apple has found a new issuer for the card. However, the Wall Street Journal believes that there are several possibilities in the future.

According to reports, there are rumors that Goldman Sachs has discussed transferring the project to American Express. However, American Express expressed concerns about "several aspects of the program, including its loss rate." In addition, Synchrony Financial also considered taking over the Apple Card business

Related reading:

• ""Character incompatibility" led to the "breakup" of Apple and Goldman Sachs, Cook's application for Apple Card was rejected Refusal》

• Goldman Sachs suffered a net loss of US$667 million in the second quarter, dragged down by consumer businesses such as Apple’s Apple Card

• 《Goldman Sachs High Guan: The company has suffered heavy losses in the Apple Card business, and the entire plan is a "mistake""

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