Apple set to end its credit card partnership with Goldman Sachs

Apple is set to end its credit card tie-up with Goldman Sachs, a US newspaper has reported, as the investment bank pulls back from consumer lending.

Apple sent a proposal to Goldman Sachs to exit from their contract in 12 to 15 months, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The report added that this break covers both parties' whole consumer partnership, including a credit card they launched in 2019, as well as a savings account launched this year.

But it is unclear if Apple already has a new issuer for the card, the Journal said.

This comes as Goldman Sachs has been pulling back from its move into consumer lending, which has proven more costly than anticipated.

According to the Journal, Goldman had earlier told Apple it would be planning to offload the partnership.

The Wall Street bank has discussed the possibility of handing this programme to American Express, while Synchrony Financial has been considering taking over as well, the Journal added.

Goldman Sachs has reportedly been looking to end another credit card partnership with General Motors, and previously reached a deal to sell consumer banking firm GreenSky.

Apple and Goldman Sachs did not reply on the matter.