It seems likely that Goldman Sachs and Apple will part ways in early 2025, but Apple's vague statement brings little comfort to existing Apple Card customers. In other words, nothing is settled yet. Previous reports said that after months of complaints from Goldman Sachs, Apple had sent a proposal to the bank to terminate the relationship within 12 to 15 months. The proposal has not been made public and no successor has been named.
Apple provided a statement on the matter. However the wording is vague and does not provide any new valuable information:
"Apple and Goldman Sachs are committed to providing our clients with incredible experiences that help them live healthier financial lives. The award-winning AppleCard has been enthusiastically received by consumers, and we will continue to innovate and provide the best tools and services for them."
Apple's announcement should give existing AppleCard and AppleSavings customers some peace of mind. Although Apple did not reveal much information, its positive stance on the matter at least does not mean that this previously highly anticipated cooperation will end immediately, because historically, if a product is expected to be eliminated or replaced, Apple has tended to remain silent about it.
Subsequently, Apple's financial services are expected to be transferred from Goldman Sachs to another company. The company is said to have held discussions with American Express, and Synchrony Financial is also interested in taking over. Whichever bank Apple chooses next, however, likely won't give the company as much freedom as Goldman Sachs.
The partnership between the two companies was problematic from the start. After Goldman Sachs made it clear that it intended to exit consumer banking, Apple explained to customers that Apple Card services did not come from banks, required all bills to be due by the beginning of the month, and stepped up regulatory scrutiny.
AppleCard and AppleSavings will continue to operate throughout the transition period, and any other matters will be communicated directly to customers by Apple.