The Unhappy Marriage of Apple and Goldman Sachs

Goldman Sachs, the issuing partner for Apple Card, has reportedly lost money on the venture, leading to speculation that American Express could replace them. However, a report reveals that Apple CEO Tim Cook initially couldn't get approved for an Apple Card due to his high-profile status. Despite Goldman Sachs wanting to exit the consumer credit business, they may be stuck with the 10 million Apple Card users for now. American Express is seen as a potential contender, but Apple may prefer a less recognizable banking partner. Resolving the situation could take up to a year and a half.