This decision could come just days after Goldman Sachs agreed to sell GreenSky, a home improvement lender, and many of the consumer lending division’s top executives have been reorganized.
Goldman partner Liz Martin, who had been in charge of leading the bank’s partnerships with Apple and GM, the Journal reported, is in the process of leaving her position and being relocated to another area of the bank.
Executives privately told the outlet that Apple was partly responsible for its decision, since account holders receive their bill at the beginning of the month, which represents a problem for customer service employees, who are overwhelmed to attend.
Goldman has sought to get Apple to change the way it bills its customers to a traditional method in which invoices are sent continuously throughout the month, but the bank has been unsuccessful.
For its part, Apple’s initiative has been quite successful. In August, the company reported that the high-interest savings feature associated with Apple Card, Savings, surpassed $10 billion in deposits.
With this program, Apple Card users in the United States have the opportunity to increase their rewards with a Goldman Sachs savings account, which offers an annual return of 4.15% to its clients.
According to information from the company, the rate offered through this resource is almost 10 times higher than the average savings account in the United States and that is why it has been so attractive to people.
Now that Goldman Sachs wants to leave the business, some of its executives are concerned that the high balances will make the separation more complicated, since if the association were to move to another bank, Goldman would have to raise funds to comply with the transfer of the millions. of dollars in savings accounts.