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Goldman Sachs has faced significant financial losses on its consumer-focused businesses, including Apple Card and other financial services provided to Apple customers.

[{"selector":"#anim-b94189de-4e4f-4612-94c8-74bdeb0dccc9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-8.409685611505932%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Apple has reportedly sent a proposal to Goldman Sachs to end their partnership within the next 12 to 15 months.

[{"selector":"#anim-56aabdcb-346f-44ed-85fb-308f40c3ec97 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-29.976802915193396%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The decision to part ways is believed to be initiated by Apple, but Goldman Sachs has also shown interest in ending the partnership due to financial losses and other issues.

[{"selector":"#anim-28a7e8b6-a5de-404b-af24-1d20eff79db6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Losses at Goldman Sachs are attributed in part to a higher-than-usual loss rate on credit card loans, with Apple Card users making payments less frequently compared to users of cards from other banks.

[{"selector":"#anim-0e678a7d-eb1a-47da-9ec7-e52edefe66a2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0, 7.760782355151471e-15%, 0)","translate3d(0, 0%, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Apple has frustrated Goldman Sachs executives by demanding high approval rates for Apple Card applicants and insisting that all customers receive their bills on the same day.

[{"selector":"#anim-a66fa68a-41d7-4ba2-af87-0f5b825401bb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.499999772451451%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Regulatory issues with the Consumer Financial Protection Bureau and the Federal Reserve are also partly blamed on Apple by Goldman Sachs.

[{"selector":"#anim-6c7ed826-67f7-4b27-a837-5b0886cbd54e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.843749786673241%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] It is unclear whether Apple will partner with another company for its financial services, but Synchrony Financial and American Express are mentioned as potential candidates.

[{"selector":"#anim-2544c386-ff5c-4704-a47f-6f18939aa8e4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-8.706155182718042%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Citigroup decided against backing the Apple Card in 2019 due to concerns about profitability.

[{"selector":"#anim-61a0936f-dd97-449b-bef1-21a25f2386ec [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Apple, in a statement to CNBC, neither confirmed nor denied the separation but expressed continued support for the Apple Card and other services.

[{"selector":"#anim-fcadbc7b-f99d-4e2a-a4fd-611d15990b09 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Apple's services business, including financial services, has become more crucial to its revenue growth as hardware sales, such as iPhone, have slowed down.