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In a surprising twist in the fintech landscape, Apple has decided to terminate its collaborative venture with Goldman Sachs in the realm of consumer credit. This decision effectively ends the Wall Street giant's aspirations in the consumer lending sector.
According to sources familiar with the situation, Apple has put forward a plan to withdraw from the partnership within an estimated 12 to 15 months.
This withdrawal encompasses the full scope of their consumer-focused alliance, which includes the credit card introduced in 2019 and the savings account initiative launched earlier this year.
Details regarding Apple's future plans for a new card issuer remain undisclosed at this point.
This development is a stark reversal from just a year ago when the partnership was renewed until 2029, a move that was seen as a key strategy in Goldman Sachs' efforts to establish a stronger presence in the consumer market.
Earlier this year I published a deep dive article about the Apple - Goldman Sachs Saga.
To be continued...
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