• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
FinanceApple

Apple’s ditching credit card partnership with Goldman is another blow to the bank’s retail ambitions

By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
November 29, 2023, 11:35 AM ET
Apple is reportedly ending its Apple Card relationship with Goldman Sachs.
Apple is reportedly ending its Apple Card relationship with Goldman Sachs.Courtesy of Apple

Apple is putting an end to its credit card partnership with Goldman Sachs, yet another blow in the investment bank’s ill-fated attempt to push into the consumer banking space.

Recommended Video

The Wall Street Journal reports Apple has proposed exiting the contract in the next 12 to 15 months, ending Goldman’s work on both the credit card and savings account. That comes just one year after the two companies extended the program through 2029.

The Journal said it could presently not be learned whether Apple has partnered with another bank.

Goldman CEO David Solomon has led the charge into the retail space, pouring billions of dollars into the effort, including both the Apple Card and specialty-lending platform GreenSky, which racked up over $3.8 billion in pretax losses over the past three years before being sold in October.

That push, along with criticism of his use of the corporate jet and leadership style, has led to what Solomon has called “personal attacks” and a “caricature that’s been painted of me.”

In January of this year, Solomon said the partnership with Apple was “an interesting opportunity to experiment and try different things.” But quietly, the Journal says, it told Apple it was looking to offload the partnership.

Finding a partner willing to offer the same benefits to consumers could be a challenge. Apple’s savings account pays an annual percentage yield of 4.15%, while charging no fees, requiring no minimum balance, and having no minimum deposit requirements. Consumers were drawn to that APY, which is significantly higher than the national average (which stands at 0.61%, according to Bankrate.com).

In its first four days, Apple’s savings account drew nearly $1 billion in deposits.

The Apple Card, meanwhile, also has no fees, streamlines the sign-up and screening process, and encourages customers to pay less interest, which limits revenue for card companies.

The end of the partnership also has ramifications for Apple. As consumers buy fewer iPhones and iPads, the company has relied more on its services business, which incorporates both subscription revenue and its finance operations.

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

reeves
Personal FinanceInflation
British government’s answer to cost-of-living crisis: discounts on theme park tickets, chocolate bars
By Jill Lawless and The Associated PressMay 21, 2026
2 hours ago
trump
AIWhite House
Trump says he’s calling off widely anticipated order to rein in AI
By Collin Binkley, Matt O'Brien and The Associated PressMay 21, 2026
2 hours ago
ro khanna
AITech
Ro Khanna blames ‘clueless’ boomers for Gen Z booing AI: They handed over a ‘broken economy’
By Jake AngeloMay 21, 2026
2 hours ago
Young worker looking tired in front of a screen
EconomyYoung workers
A Nobel economist figured out 60 years ago that people learn best on the job. The Atlanta Fed says AI is making that almost impossible
By Tristan BoveMay 21, 2026
3 hours ago
The Midwest is leading America’s spring housing rebound because of ‘buyers who are actually showing up,’ Realtor.com says
Real EstateHousing
The Midwest is leading America’s spring housing rebound because of ‘buyers who are actually showing up,’ Realtor.com says
By Sydney LakeMay 21, 2026
3 hours ago
Intuit CFO on why the company is simplifying its structure
NewslettersCFO Daily
Intuit CFO on why the company is simplifying its structure
By Sheryl EstradaMay 21, 2026
4 hours ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
2 days ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
1 day ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
4 days ago
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
Workplace Culture
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
By Sydney LakeMay 20, 2026
1 day ago
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
Workplace Culture
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
By Preston ForeMay 19, 2026
2 days ago
A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
Conferences
A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
By Tristan BoveMay 20, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.