Goldman Sachs and Apple Begin Process of Ending Credit Card Partnership
Goldman Sachs and Apple are starting the process of ending their credit card partnership after Apple sent a term sheet to Goldman Sachs, indicating the beginning of severing their contract. Goldman Sachs wants to withdraw from consumer lending and is also ending its credit card agreement with General Motors Co. Apple, on the other hand, remains committed to its financial products and has no plans to discontinue them. Goldman Sachs has been exploring options to exit all its credit card alliances, and this proposal offers a potential solution. However, alternative arrangements with American Express Co. and Synchrony Financial are also being considered.