Last calendar week we get over the intelligence that Goldman Sachs , Apple ’s fiscal partner for the Apple Card and Apple Card Savings services , badly wants to bereleased from its contract . The organisation has reportedly be the bank building billion of dollars in loss , and it now want to get out of the consumer market altogether . Which leaves Apple with a problem .
On the one hand , Goldman Sachs is lock into its declaration for another five years , and Apple could choose to control the business firm to those term if it require . But it would opt to find a more enthusiastic replacing , not least because the service has had its share of problems in term of engine room and customer service . And it ’s see that Cupertino has therefore offered terms to unloose Goldman Sachs from its obligations early . ( Although notthatearly ; it will take more than a year to wrap thing up . )
This mean some of the banks that passed back in 2019 may now be concerned , and one of these has widely been touted as a ducky to replace Goldman Sachs : American Express . Aside from being involved in negotiation four age ago , the firm has been approached more recently ; as we write last workweek , “ The WSJ enounce … American Express was approached last yr by Goldman about lease over the business . AMEX was on the face of it implicated about a number of details , and it ’s not know if those talks continued or not . ” That could yet flower into something more substantial .
But Gurman , in his outline of the situation , name another house as his pick : Chase . This is because Chase is already tight tied to Apple in a telephone number of areas , including work out on Cupertino ’s Ultimate Rewards program , acting as a key other partner for Apple Pay , and “ store ” some of Apple ’s Johnny Cash on deal . As Gurman point out , Chase also has the advantage of being connected to MasterCard , which imply Apple Card would n’t need to change over to a different platform . ( American Express uses its own platform . )
There ’s still peck of time for this saga to unfold , but for now , the Apple Card help will continue to play as before .
