David
Solomon,
Chairman
and
CEO,
Goldman
Sachs,
participates
in
a
panel
discussion
during
the
annual
Milken
Institute
Global
Conference
at
The
Beverly
Hilton
Hotel
on
April
29,
2019
in
Beverly
Hills,
California.
Michael
Kovac
|
Getty
Images
Entertainment
|
Getty
Images
Apple
has
given
Goldman
Sachs
a
proposal
to
end
its
credit-card
and
savings
account
partnership
within
the
next
12
to
15
months,
a
person
familiar
with
the
matter
told
CNBC’s
Leslie
Picker.
The
move,
if
it
were
to
happen,
would
effectively
end
one
of
the
highest
profile
partnerships
between
a
bank
and
a
tech
company.
It
would
also
mean
that
Apple
would
need
to
find
a
new
financial
partner
for
its
popular
credit
card,
Apple
Card,
and
its
high-yield
savings
accounts
under
the
Apple
brand.
While
Apple
offers
both
its
credit
card
and
savings
account
through
the
wallet
app
on
iPhones,
the
banking
backend
is
handled
by
Goldman
Sachs.
When
Apple
first
launched
the
Apple
Card
in
2019,
Goldman
Sachs
CEO
David
Solomon
was
in
attendance
at
a
glitzy
Apple
launch
event
at
its
California
campus.
But
the
partnership
has
been
rocky
in
recent
years
as
Goldman
Sachs,
under
CEO
David
Solomon,
has
retreated
from
its
previous
consumer
banking
ambitions
as
costs
stacked
up.
Goldman
has
also
faced
scrutiny
from
regulators
into
how
it
handles
refunds
and
billing
errors,
and
over
alleged
gender
discrimination
when
determining
credit
limits.
Earlier
this
year,
Goldman
Sachs
said
that
it
would
“consider
strategic
alternatives”
for
its
consumer
banking
business.
For
Apple,
the
credit
card
and
savings
accounts
are
a
way
to
add
value
and
additional
features
to
its
iPhone,
as
well
as
bolster
its
quickly
growing
services
business
with
fees.
It’s
not
clear
whether
Apple
has
found
a
new
partner
or
would
consider
bigger
changes
to
its
financial
products
if
it
were
to
exit
the
agreement
with
Goldman
Sachs.
“Apple
and
Goldman
Sachs
are
focused
on
providing
an
incredible
experience
for
our
customers
to
help
them
lead
healthier
financial
lives,”
an
Apple
representative
told
CNBC.
“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.”
The
proposal
from
Apple
was
previously
reported
by
the
Wall
Street
Journal.
A
Goldman
Sachs
representative
declined
to
comment.
CNBC’s
Leslie
Picker
and
Steve
Kovach
contributed
to
this
story.
