AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Apple Inc (NASDAQ:AAPL) is in focus in extended hours after it reportedly proposed to end its high-profile partnership with Goldman Sachs Group Inc (NYSE:GS).
Goldman Sachs handles the Apple Card
Anonymous sources told CNBC today that the tech titan wants to unwind the said collaboration that powers the Apple Card and its high-yield savings account over the next twelve to fifteen months.
If true, the Nasdaq-listed firm will need a new partner to handle its financial products. Whether or not it has found one already remains unknown.
The news arrives less than a month after Apple Inc reported solid results for its fiscal Q4 but said revenue will likely remain flat year-on-year in its holiday quarter.
Shares of the multinational have gained nearly 15% over the past thirty days.
Watch here: https://www.youtube.com/embed/0ijf85dEMhM?feature=oembedGoldman Sachs wants to pull out of consumer banking
Note that Goldman Sachs has been pulling back from its consumer banking ambitions this year. In February, David Solomon – its Chief Executive said the bank was considering “strategic alternatives” for that segment.
A representative of the financial services behemoth refrained from commenting on the Apple news today.
Apple Card and the savings account are means for the Cupertino-headquartered firm to further boost its services revenue that stood at a whopping $22.31 billion already in its latest reported quarter.
The world’s largest company by market cap launched the credit card in 2019 and the savings account in April of 2023. Wall Street currently has a consensus “overweight” rating on $AAPL.
The post Apple has reportedly proposed to end partnership with Goldman Sachs appeared first on Invezz
