Apple Proposes to End Partnership with Goldman Sachs

Tech giant seeks new partner for Apple Card as it works on developing its own payment processing technology.

Apple has proposed to end its banking partnership with Goldman Sachs, which includes the Apple Card and Apple Card Savings Account, within the next 12-15 months.
The decision is reportedly in line with Goldman Sachs' strategy to scale back its consumer finance ambitions after incurring significant losses from the partnership.
Apple is working internally on 'Project Breakout' to develop its own payment processing technology and infrastructure, aiming for greater financial independence.
Potential new partners for Apple include JPMorgan Chase, American Express, Citi, Capital One, Bank of America, and Synchrony Financial.
The transition will have significant implications for Apple Card users, with maintaining the card's security, functionality, and user trust being crucial.