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

Apple has reportedly sent a proposal to Goldman Sachs to end their partnership within the next 12 to 15 months.

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.

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.

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.

Regulatory issues with the Consumer Financial Protection Bureau and the Federal Reserve are also partly blamed on Apple by Goldman Sachs.

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.

Citigroup decided against backing the Apple Card in 2019 due to concerns about profitability.

Apple, in a statement to CNBC, neither confirmed nor denied the separation but expressed continued support for the Apple Card and other services.

Apple's services business, including financial services, has become more crucial to its revenue growth as hardware sales, such as iPhone, have slowed down.