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Apple Inc (AAPL) is in focus in extended hours after it reportedly proposed to end its high-profile partnership with Goldman Sachs Group Inc (GS).Goldman Sachs handles the Apple CardAnonymous sources told CNBC today that the tech titan wants to unwind the said collaboration that powers the Apple Card and its high-yield savings account over the next twelve to fifteen months.If true, the Nasdaq-listed firm will need a new partner to handle its financial products. Whether or not it has found one already remains unknown.The news arrives less than a month after Apple Inc reported solid results for its fiscal Q4 but said revenue will likely remain flat year-on-year in its holiday quarter.Shares of the multinational have gained nearly 15% over the past thirty days.Goldman Sachs wants to pull out of consumer bankingNote that Goldman Sachs has been pulling back from its consumer banking ambitions this year. In February, David Solomon – its Chief Executive said the bank was considering “strategic alternatives” for that segment.
Goldman Sachs consumer banking unit under Fed scrutiny, Bloomberg Law reports https://t.co/ShwGztdNmM pic.twitter.com/eIFfbpU2WT
— Reuters (@Reuters) September 16, 2022
A representative of the financial services behemoth refrained from commenting on the Apple news today.Apple Card and the savings account are meant for the Cupertino-headquartered firm to further boost its services revenue which stood at a whopping $22.31 billion already in its latest reported quarter.The world’s largest company by market cap launched the credit card in 2019 and the savings account in April of 2023. Wall Street currently has a consensus “overweight” rating on $AAPL.More By This Author:PDD Stock Price Forecast As Temu Growth Gains Steam The bullish Case For The Ishares Silver Trust ETFSEC Still Probing Binance US Over FTX-Like Fraud