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breaking (up with) the bank — Report: Apple and Goldman Sachs are breaking up over money-losing Apple Card Goldman Sachs has lost billions of dollars on its consumer-focused businesses.

Andrew Cunningham – Nov 29, 2023 4:40 pm UTC EnlargeApple reader comments 17 with

Apple has repeatedly trumpeted the success of its financial services, a product lineup that now encompasses the Apple Card credit card, high-interest savings accounts, and a buy-now-pay-later service called Apple Pay Later.

But even if those products have proven reasonably popular with consumers, they havent been working out for the bank that Apple has partnered with to supply those services. Goldman Sachs consumer services have been losing the company billions of dollars, according to reporting from Bloomberg, CNBC, and The New York Times, among others. These losses have been driven in part by a much higher-than-usual loss rate on its credit card loansmeaning that people with Goldman-backed credit cards like the Apple Card are actually making their payments less often than people with credit cards from other banks.

Today, The Wall Street Journal reports that Apple has sent Goldman Sachs a proposal that will end their partnership within the next 12 to 15 months, leaving Apple to find a new backer for its financial products.

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. Advertisement

The WSJ doesn’t know whether Apple will be partnering with another company to provide its financial services, though Synchrony Financial is allegedly interested, and the WSJ reported earlier this year that American Express could also take over. Citigroup decided not to back the Apple Card back in 2019over (apparently well-founded) concerns that it wouldn’t earn the company any money.

In a statement to CNBC, Apple neither confirmed nor denied that it would be parting ways with Goldman Sachs but reiterated its support for the Apple Card and its other services.

“Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives, wrote an Apple spokesperson. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.”

Providing services like the Apple Card has become more important to Apple’s bottom line in recent years, as revenue growth from the iPhone, iPad, Mac, and other hardware businesses has slowed or flatlined. That hardware is still where the company makes most of its money, but the services businessincluding its financial services, but also iCloud, Apple TV+, Apple Music, and the App Storeis currently driving the growth that Apple’s shareholders demand. reader comments 17 with Andrew Cunningham Andrew is a Senior Technology Reporter at Ars Technica, with a focus on consumer tech including computer hardware and in-depth reviews of operating systems like Windows and macOS. Andrew lives in Philadelphia and co-hosts a weekly book podcast called Overdue. Advertisement Channel Ars Technica ← Previous story Next story → Related Stories Today on Ars

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The ‘£7bn’ government secret

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The '£7bn' government secret

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Who knew what about the Afghan data leak? And could anyone in parliament have done more to help scrutinise the government at the time of the superinjunction? Harriet thinks so.

So in this episode, Beth, Ruth, and Harriet talk about the massive breach, the secret court hearings, and the constitutional chaos it’s unleashed.

Plus – the fallout from the latest Labour rebellion. Four MPs have lost the whip – officially for repeated defiance, but unofficially? A government source called it “persistent knobheadery”.

So is Keir Starmer tightening his grip or losing control? And how does this compare to rebellions of Labour past?

Oh and singer Chesney Hawkes gets an unexpected mention.

Responding to claims in the podcast about whether Commons Speaker Sir Lindsay Hoyle could have scrutinised the government, a Commons spokesperson said: “As has been made clear, Mr Speaker was himself under a superinjunction, and so would have been under severe legal restrictions regarding speaking about this. He would have had no awareness which organisations or individuals were and were not already aware of this matter.

More on Afghanistan

“The injunction could not constrain proceedings in parliament and between being served with the injunction in September 2023 and the 2024 General Election Mr Speaker granted four UQs on matters relating to Afghan refugees and resettlement schemes.

“Furthermore, as set out in the Justice and Security Act 2013, the Speaker has no powers to refer matters to the Intelligence and Security Committee.”

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England through to semi-finals of Women’s Euros after beating Sweden on penalties

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England through to semi-finals of Women's Euros after beating Sweden on penalties

England have booked their place in the semi-finals of the Women’s Euros after knocking out Sweden.

The Lionesses won 3-2 on penalties at Stadion Letzigrund in Zurich, Switzerland, after clawing their way back to take the game into extra-time.

The defending champions had been 2-0 down at half-time after goals from Sweden’s Kosovare Asllani and Stina Blackstenius in the quarter-final clash.

England then levelled matters towards the end of normal time. Lucy Bronze delivered the first England goal on 79 minutes, assisted by substitute Chloe Kelly. Two minutes later, Michelle Agyemang followed suit, taking the score to 2-2.

England goalkeeper Hannah Hampton (R) celebrates with teammates after the side beat Sweden. Pic: AP
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England goalkeeper Hannah Hampton (R) celebrates with teammates after the side beat Sweden. Pic: AP

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Bronze’s penalty kept England’s hopes alive. Pic: Reuters

After a goalless extra-time, it was time for penalties.

Alessia Russo kicked things off, finding the back of the net for England, before Lauren James, Alex Greenwood, Beth Mead and Grace Clinton had their attempts saved by Sweden’s Jennifer Falk.

The game was sent into sudden death after Falk went face-to-face with England’s Hannah Hampton but sent the ball flying over the crossbar.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Pic: Reuters

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Sweden
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A devastated Sweden. Pic: Reuters

It all came down to Sweden’s seventh penalty after Bronze sensationally scored, with 18-year-old Smilla Holmberg missing the chance to send her team through.

England will next face Italy in the semi-finals in Geneva on Tuesday.

‘That was crazy’

England boss Sarina Wiegman described the action as “one of the hardest games I’ve ever watched”.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Sarina Wiegman after the match. Pic: Reuters

“We could have been out of the game three or four times, when you’re 2-0 at half-time it’s not good,” she said after the match.

“Although we started really bad, at the end it got better, but we didn’t create anything so we had to change shape, and we score two goals – that was crazy.

“We miss a lot [of penalties], and they miss even more. I need to decompress, I think.”

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Hannah Hampton still delivered with one nostril down. Pic: Reuters

Goalkeeper Hampton added that it was “stressful watching” and “stressful playing”.

The 24-year-old, who was left with a bloodied nose in extra-time, said: “Every time I saved one, I was just thinking ‘please put it in, so we have a bit of a cushion!’

“To be honest, I think I was better in the game when I had one nostril than when I was completely fine!”

She said it was the support of the England fans that helped the team push on. She said: “They were definitely behind me and I appreciate all the support.”

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Michelle Agyemang reacts after levelling the game for the Lionesses. Pic: Reuters

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Sweden
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Pic: Reuters

Pressure was on the Lionesses after they won the tournament in 2022.

Their journey in the group stages started with a 2-1 defeat to France, but hopes were lifted after England sailed past the Netherlands and Wales to reach the knockout stages, finishing second in Group D.

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Sixteen and 17-year-olds will be able to vote in next general election

Sweden on the other hand went into Thursday’s game unbeaten in the tournament so far, having already defeated Germany, Poland and Denmark in the group stages.

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Lionesses went from sloppy to celebratory in nerve-shredding euros quarter-final

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Lionesses went from sloppy to celebratory in nerve-shredding euros quarter-final

By the time Hannah Hampton appeared in the news conference, the England goalkeeper was relieved, ecstatic and wanting to share this night far and wide.

So when her phone started ringing with a FaceTime call, she broke off speaking to the media about reaching the Euros semi-finals to answer it.

And then share the call with the room in Zurich.

After such a nerve-shredding night, this was the moment to relax and just savour it all.

Savour how close they came to throwing it all away against Sweden before staging a stirring comeback inspired by Lucy Bronze.

The 33-year-old scored the goal that began the fightback with 11 minutes to go and converted England’s final penalty in the shootout.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Lucy Bronze converted England’s final penalty. Pic: Reuters

“Lucy Bronze is one of a kind,” England manager Sarina Wiegman said. “It’s that resilience, that fight. I think the only way to get her off the pitch is in a wheelchair.”

The Lionesses looked down and out, 2-0 down after 25 minutes.

Completely outplayed. A defence run ragged. Just too sloppy.

“We said at half-time we don’t want to go home,” Hampton said. “So it’s up to us to turn the game around.”

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Things were not looking good for England by half-time. Pic: Reuters

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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But the team managed to turn things around. Pic: Reuters

That only came after Wiegman deployed the substitutes the manager calls “finishers”.

They fulfilled their mission.

“Sweden in that moment had to adapt to some different things in the game,” Wiegman said, “before they could, it was 2-2.”

Within seconds of coming on, match-winner Chloe Kelly showed the missing spirit. The spirit that saw her score the Euro 2022 winner.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Sweden
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Pic: Reuters

A creator of two goals in 103 seconds.

A cross headed in with 11 minutes to go by Bronze – the only player still playing from the Euro 2013 group-stage elimination.

It was a lifeline seized on so quickly.

Another cross from Kelly was this time brought down by Beth Mead before Michelle Agyemang.

The timeliest of goals from the teen – a first tournament goal on her third appearance as a sub.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Teenager Michelle Agyemang reacts after scoring England’s second goal in normal time. Pic: Reuters

But there would be the anxiousness of extra time to follow, unable to find a breakthrough.

So to the shootout that lasted 14 penalties between them.

Hampton said: “It was stressful watching and playing, I thought every single time when I saved one, ‘Please score and give us a cushion’. I feel so happy and relieved.”

Around Alessia Russo and Kelly scoring there were four England misses before Bronze converted England’s seventh and Sweden missed a fifth.

Read more:
How far has women’s football come since 1972?
Lioness star explains what ‘Proper England’ is

A frenzied 3-2 shootout win was complete.

“I can’t remember anything like this,” said Wiegman, who has only reached finals in her four tournaments with the Netherlands and England.

“I thought three times we were out,” she said.

But instead it’s off to Geneva for the European champions for a semi-final with Italy.

They’ll be hoping it’s less of a struggle, less dramatic – while just glad to have made it there.

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