Apple and Goldman Sachs Part Ways, Ending Credit Card Partnership

Apple is reportedly ending its partnership with Goldman Sachs within the next 12 to 15 months due to the bank's consumer services, including the Apple Card, causing significant financial losses. Goldman Sachs has been losing billions of dollars, partly due to a higher-than-usual loss rate on its credit card loans. Apple's demands for high approval rates and synchronized billing have frustrated Goldman Sachs executives. It is unclear if Apple will partner with another company for its financial services, but Synchrony Financial and American Express have shown interest. Apple's services business, including financial services, has become increasingly important as revenue growth from hardware businesses has slowed.