Today, The Wall Street Journal reports that Apple has sent Goldman Sachs a proposal that will end their partnership within the next 12 to 15 months, leaving Apple to find a new backer for its financial products.
These losses have been driven in part by a much higher-than-usual loss rate on its credit card loans-meaning that people with Goldman-backed credit cards like the Apple Card are actually making their payments less often than people with credit cards from other banks.
The WSJ doesn't know whether Apple will be partnering with another company to provide its financial services, though Synchrony Financial is allegedly interested, and the WSJ reported earlier this year that American Express could also take over.
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