The Troubled Union: Apple and Goldman Sachs' Unhappy Marriage
The once successful partnership between Apple and Goldman Sachs, which resulted in the creation of the Apple Card, has soured over the years. Differences in culture and priorities, along with post-launch friction and regulatory issues, have strained the relationship. The operation has been costly for Goldman Sachs, resulting in significant pre-tax losses, and the lack of profit from interchange fees and other revenue sources has limited its benefits. Despite wanting to extract itself from the partnership, Goldman is contractually stuck until the end of the decade and faces challenges in finding a suitable partner to take over. Apple may consider going it alone with an invisible partner.