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Apple and Goldman Sachs set for breakup - WSJ

Apple and Goldman Sachs set for breakup - WSJ

Apple has sent a proposal to Goldman Sachs that would end the credit card and savings account partnership that the banking giant has been seeking to get out of, according to the Wall Street Journal.

Apple recently sent a term sheet to Goldman that would pave the way for a breakup within the next 12 to 15 months, according to the WSJ. However, Bloomberg reports that the process could take multiple years.

Goldman has been Apple's partner on the credit card since its launch in 2019 and recently inked an extension until 2029. It is also the banking partner for the tech giant's high-yield savings account feature.

However, Goldman has been retreating from the consumer market, hiving off digital bank Marcus and putting the Apple business into a new Platform Solutions unit alongside the firm's transaction banking operations and BNPL outfit Greensky.

Greensky has since been sold, while Goldman is also reportedly looking to sell off its General Motors credit card programme.

The WSJ has previously reported that the bank wants to pass on the Apple business to American Express. Synchrony Financial has also been floated as potential Apple partner.

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