Apple Offers Exit Ramp to Goldman for Troubled Card Accord
- The bank has been trying to offload credit card business
- Apple sends term sheet in first step toward winding down deal
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Goldman Sachs Group Inc., which has been trying to jettison its struggling credit card business, now has a potential way out of its partnership with Apple Inc.
The iPhone maker, which offers a credit card and savings account with Goldman, recently sent a term sheet to the financial giant that would be a first step toward severing the contract, according to a person familiar with the matter. The process could still take multiple years, said the person, who asked not to be identified because the discussions are private. The partnership had been slated to last at least another five years.