A BILLION-DOLLAR SWING AND A MISS: Apple Pulls Plug on Goldman Credit-Card Partnership.

The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12 to 15 months, according to people briefed on the matter. The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year.

It couldn’t be learned whether Apple has already lined up a new issuer for the card.

The move would mark a swift about-face for a program that just over a year ago was extended through 2029 and was intended to serve as a pillar of Goldman’s main-street ambitions.

The retreat began around the end of last year after Goldman lost billions of dollars trying to build out a full-service consumer operation.

By early this year, Goldman had told Apple that it would be looking to offload the partnership. Typically the merchant—in this case Apple—plays a controlling role in such partnerships.

The customer satisfaction rate is high but Goldman’s acquisition costs were reportedly astronomical — something like $350 per cardholder.