Consumer electronics giant Apple (AAPL) has notified investment bank Goldman Sachs (GS) that it intends to end the companies’ credit-card and savings account partnership within the next 12 to 15 months.
Apple, which has been pushing deeper into finance in recent years, now needs to find a new financial partner for its popular credit card, Apple Card, and its high-yield savings account.
While Apple offers both its credit card and savings account through the wallet app on its iPhone, the banking backend is managed by Goldman Sachs.
The partnership has been difficult in recent years as Goldman Sachs has retreated from its previous consumer banking ambitions to focus more on dealmaking and trading.
Earlier this year, Goldman Sachs announced that it was considering “strategic alternatives” for its consumer banking business.
For Apple, the credit card and savings accounts are a way for the technology giant to add value and additional features to its iPhone, as well as to bolster its services business with fees.
The stock of Apple has risen 52% this year and now trades at $190.40 U.S. per share.
Goldman Sachs’ stock is down 3% on the year and trading at $337.65 U.S. a share.
