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Apple sent to Goldman Sachs a proposal to end their credit card and savings account partnership, The Wall Street Journal, CNBC and the Financial Times reported, citing people familiar with the matter.
The technology company plans to exit the agreement in 12 to 15 months, according to the reports, which didn’t identify their sources.
The Apple credit card was introduced in 2019. The partnership has become rocky as Goldman Sachs began to retreat from its consumer banking ambitions because of higher costs, CNBC said.
“Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them,” Apple said in a statement to the news organizations.
Goldman Sachs declined to comment, according to the reports.
