16.01.2026, 06:42
Apple has admitted its failure
Source: OREANDA-NEWS
OREANDA-NEWS Apple has become disillusioned with its own financial product, the Apple Card. This is reported by The Wall Street Journal (WSJ).
Earlier this year, Apple announced that its product, the Apple Card, would be supported by JP Morgan Chase instead of Goldman Sachs. The journalists of the publication spoke with 20 sources close to the company and found out that the American IT giant was disappointed and admitted the failure of its card.
The company launched the product in 2019 together with the financial conglomerate Goldman Sachs. Years later, Apple sources called almost 7 years of cooperation with the bank a "failed marriage." For example, Apple wanted its partner to approve almost all applications for issuing a card, which turned out to be a lot of borrowers with low credit ratings among its holders - about 30 percent.
Pretty quickly after the product launch, Apple and Goldman Sachs began looking for a reason to terminate the contract and transfer the service support obligations to another bank. Sources said that Goldman Sachs believed that Apple was delaying the process of finding a partner and was not fulfilling its obligations.
As a result, JP Morgan Chase was chosen as the new partner. Apple's final break with Goldman Sachs is expected to happen within two years.
Earlier, MTS named Apple, Samsung and Xiaomi the most popular smartphone brands in Russia. According to the operator, in 2025, Russians bought 23.6 million smartphones worth 574 billion rubles.
Earlier this year, Apple announced that its product, the Apple Card, would be supported by JP Morgan Chase instead of Goldman Sachs. The journalists of the publication spoke with 20 sources close to the company and found out that the American IT giant was disappointed and admitted the failure of its card.
The company launched the product in 2019 together with the financial conglomerate Goldman Sachs. Years later, Apple sources called almost 7 years of cooperation with the bank a "failed marriage." For example, Apple wanted its partner to approve almost all applications for issuing a card, which turned out to be a lot of borrowers with low credit ratings among its holders - about 30 percent.
Pretty quickly after the product launch, Apple and Goldman Sachs began looking for a reason to terminate the contract and transfer the service support obligations to another bank. Sources said that Goldman Sachs believed that Apple was delaying the process of finding a partner and was not fulfilling its obligations.
As a result, JP Morgan Chase was chosen as the new partner. Apple's final break with Goldman Sachs is expected to happen within two years.
Earlier, MTS named Apple, Samsung and Xiaomi the most popular smartphone brands in Russia. According to the operator, in 2025, Russians bought 23.6 million smartphones worth 574 billion rubles.
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