Apple Ditches Goldman Sachs Credit Card Partnership

Apple is ending its credit card partnership with Goldman Sachs, according to the Wall Street Journal, marking a significant setback for Goldman's consumer lending ambitions. Apple plans to exit the partnership within the next 12-15 months, encompassing both the 2019-launched credit card and this year's savings account. Goldman's substantial losses in building its consumer banking operation led to this decision. While customer satisfaction was reportedly high, Goldman's acquisition costs—estimated at $350 per cardholder—were astronomically high, likely contributing to the partnership's demise.
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