In 2019, Goldman Sachs announced credit card with Apple. Five years later, the partnership appears to be on its last legs as Apple is reportedly looking for a new card partner.
If this goes forward, it will stick Goldman with a large bill and see the bank eliminate one of its three business lines entirely, according to a star analyst. Mayo told FORTUNE that he’s heard exit cost estimates from about $500 million to as high as $4 billion, with the analyst saying he would be in the low end of that range with a 3% to 10% discount to face value.
According to the Wall Street Journal, Apple has held talks with several possible buyers for the card business including Synchrony Financial and Capital One, while its discussions with JPMorgan began earlier this year and have advanced in recent weeks. However, he discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, reports CNBC.
I hope you’ll help support Apple World Today by becoming a patron. All our income is from Patreon support and sponsored posts. Patreon pricing ranges from $2 to $10 a month. Thanks in advance for your support.
Article provided with permission from AppleWorld.Today