In 2019, Goldman Sachs announced credit card with Apple. Now, the partnership could be on its last legs.
According to the Wall Street Journal in a September 19, 2024 report, Apple has held talks with several possible buyers for the card business including Synchrony Financial and Capital One, while its discussions with JPMorgan began earlier this year and have advanced in recent weeks. However, nothing materialized (as far as we know) from those discussions.
Today Reuters reports that Goldman Sachs CEO David Solomon said the company’s credit-card partnership with Apple may indeed end before its contract runs out in 2030.
“We have a contract with Apple to run that partnership until 2030, although there’s some possibility that it won’t continue until that time frame,” Solomon told analysts on an earnings call. The Apple card dragged down Goldman’s return on equity by 75 to 100 basis points last year, but “that will improve in 2025 and 2026,” he added.
