Meta and Google just lost a landmark social media addiction case. A tech law expert explains the fallout 
CK Hutchison's Panama Ports Dispute Escalates as Arbitration Claims Surpass $2 Billion 
Rio Tinto's Resolution Copper Mine: U.S. Smelting Challenges and Global Operations Update 
Microsoft Eyes Legal Action as Amazon-OpenAI Deal Threatens Azure Exclusivity 
Air Canada Express Crash at LaGuardia: Controller Distracted by Prior Emergency 
Micron Technology Beats Q2 Earnings Estimates, Issues Strong AI-Driven Outlook 
Apple Defies China's Smartphone Slump with Strong Early 2026 Sales 
Nintendo Switch 2 Production Cut as Holiday Sales Miss Targets 
Innate Pharma Reports 55% Revenue Drop and €49.2M Net Loss for 2025 
Global Flight Cancellations 2026: Middle East Air Travel Chaos Explained 
Nanya Technology Shares Surge 10% After $2.5 Billion Private Placement from Sandisk and Cisco 
OpenAI's Desktop Superapp: Unifying ChatGPT, Codex, and Browser Tools for Enterprise AI 
AMD CEO Lisa Su Heads to Samsung's South Korea Chip Facility Amid AI Expansion Talks 
AWS Bahrain Region Disrupted by Drone Activity Amid Middle East Conflict 
SpaceX IPO Filing Expected This Week as Valuation Could Surpass $75 Billion 
Citi Names Eric Farina and Rob Cascarino to Lead Global Infrastructure Financing Group 
Apple Card’s losses have exceeded $6 billion, leaving Goldman Sachs searching for a way out of the partnership. The bank’s consumer division continues to suffer financially, with no clear path to recovery in sight.
Apple Card Partnership Drags Goldman into Billions in Losses
As losses keep piling up, Goldman Sachs is still considering ending its alliance with Apple.
The Wall Street Journal has reported that Goldman Sachs' consumer business will be in disarray this quarter, costing the company $400 million.
David Solomon, CEO of Goldman Sachs, said at a conference this week that the sale of real estate loans and the dissolution of the company's credit card association with General Motors are the two main sources of this $400 impact.
General Motors’ Credit Card Business Heading to Barclays
The card business of General Motors, which has over $2 billion in balances, will reportedly be sold to Barclays.
Since the start of 2020, "on a big chunk of its consumer-lending businesses, including its credit cards," Goldman Sachs has lost more than $6 billion before taxes.
Apple Card Losses Double Industry Charge-Off Rates
Past reporting has shown that charge-off rates roughly double those of comparable credit cards, which is one of several reasons contributing to Apple Card's enormous losses for Goldman.
Apple Card was supposed to help Goldman Sachs' consumer banking expansion ambitions, according to 9to5Mac. However, the bank has chosen to leave the consumer industry entirely in the years that have passed, including consumer loans and other products.
Goldman Sachs Eyes Exit from Apple Partnership
In the long run, Goldman Sachs hopes to end its agreement with Apple—the one that includes the Apple Card and the Apple Card Savings Account—as soon as possible.
There is a total of $17 billion on Apple Card balances at the moment. Goldman Sachs may incur even greater losses from the sale of its Apple partnership than it did from the sale of General Motors to Barclays, according to the Wall Street Journal.
“Sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months.” Apple was reportedly informed of this in November by The Wall Street Journal. What will happen to that proposal now is anybody's guess.
Rumor has it that Goldman has approached American Express and Synchrony Financial about potentially acquiring Apple's card business.
