Last week we covered the news that Goldman Sachs, Apple’s financial partner for the Apple Card and Apple Card Savings services, badly wants to be released from its contract. The arrangement has reportedly cost the bank billions of dollars in losses, and it now wants to get out of the consumer market altogether. Which leaves Apple with a problem.
On the one hand, Goldman Sachs is locked into its contract for another five years, and Apple could choose to hold the firm to those terms if it wants. But it would prefer to find a more enthusiastic replacement, not least because the service has had its share of problems in terms of engineering and customer service. And it’s understood that Cupertino has therefore offered terms to release Goldman Sachs from its obligations early. (Although not that early; it will take more than a year to wrap things up.)
Read more at Macworld.com