Apple Moves to End Goldman Sachs Card Partnership. It’s not the Best for Apple Stock Predictions 2025.
Nov 29, 2023
Despite extending their credit-card collaboration until 2029 a little over a year ago, Apple and Goldman Sachs appear prepared to cancel it, making Apple stock predictions 2025 not that positive.
The Wall Street Journal reported late Tuesday that Apple offered Goldman Sachs a proposal to quit the arrangement within the next 12 to 15 months. It includes abandoning the high-yield savings account the two opened earlier this year and the credit card introduced in 2019, according to persons informed on the subject, according to the Journal.
It is unclear whether Apple has secured a replacement card provider.
The partnership’s abrupt closure isn’t ideal for Apple (AAPL), which is expanding into financial services to enhance its services sector. On the other hand, Apple should have little trouble finding a new issuer.
Goldman Sachs simply wants to reverse its messed-up consumer banking experiment as soon as possible. Overall, it’s probably for the best that the couple part ways.
While the writing has been on the wall for some time, the businesses’ consumer-finance cooperation is slowly disintegrating.
Goldman’s massive push into consumer lending has been reversed much faster. The Wall Street bank announced in January that it has lost $3 billion in consumer banking since 2020. According to the Journal, Goldman informed Apple in early 2023 that it wished to exit the alliance.
According to sources, the bank announced the sale of its lending platform GreenSky in October at a hefty loss before terminating its credit card arrangement with General Motors earlier this month. It sold its personal financial management unit in August.
The bank’s third-quarter profit fell 33% due to its quick withdrawal from consumer banking. Apple and Goldman did not reply to requests for comment early Wednesday. Goldman Sachs was 0.3% higher heading of the open on Wednesday, while Apple was flat, making Apple stock predictions 2025 pretty unstable for now.
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