2023-07-01 15:00:00
partner of Apple in the maintenance of Apple Cardo Goldman Sachs would be planning to terminate the contract with Maçã. It is what informs a report from Wall Street Journalwhich indicates that the bank intends to somehow transfer the agreement to the American Express.
There is no guarantee that this transfer will actually occur and, if it does, it may take some time for it to take effect. There is also the detail that the terms of this “new” partnership with the AMEX must be fully accepted by Apple, which would be aware of these negotiations.
Goldman Sachs has been reducing financing costs since last year, when it ended negotiations with T-Mobile to launch a credit card. The bank would also be negotiating to transfer the partnership with General Motors to the AMEX or to another issuer.
The relationship with Apple, in turn, showed no signs of shaking. At a meeting in October, Chief Executive David Solomon highlighted this as a “very strong partnership, where there are many opportunities”. It was even extended to 2029 – which indicated stability and contentment on the part of the bank.
Starting this year, however, Goldman Sachs began to show signs that the relationship with Apple was strained. As highlighted by 9to5Mac, he released a report which pointed to a loss of more than $ 1 billion since 2020 due to the partnership with Apple Card. Even so, this was not an impediment for the bank to embark on the project of a savings account for the Big Techreleased in April.
In any case, if the agreement is not yielding good results for Goldman Sachs, the same cannot be said for Apple. Tim Cook himself recently highlighted the success of features like Apple Savings and Apple Pay Later — which indicates that, at least Apple, is making a lot of money with this new “joke”.
Will we have more chapters of this story soon?
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