Goldman Sachs has lost billions of dollars on its consumer-focused businesses.
Though initiated by Apple, Goldman Sachs has allegedly been interested in ending its partnership with Apple for a while now. The financial losses seem like the biggest point of contention between the companies, but the WSJ also reports that Apple has frustrated Goldman Sachs execs by demanding that most people who apply for an Apple Card get approved, and that all Apple Card customers receive their bills on the same day (banks typically try to spread these bills out to avoid a deluge of customer service calls). Executives also partly blame Apple for regulatory issues that Goldman has had with the Consumer Financial Protection Bureau and the Federal Reserve.
What strange things to demand.