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Home»Stock Market»Apple in talks with Barclays to replace Goldman Sachs card deal- Reuters
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Apple in talks with Barclays to replace Goldman Sachs card deal- Reuters

January 25, 2025No Comments2 Mins Read
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According to a report by Reuters, Apple Inc (NASDAQ: AAPL) is currently in discussions with Barclays (NYSE: BCS) to potentially replace Goldman Sachs Group Inc (NYSE: GS) as its credit card partner. This move comes as Goldman Sachs is looking to scale back its retail finance ambitions.

Additionally, Apple is also exploring a potential partnership with Synchrony Financial (NYSE: SYF) for a credit card deal, as mentioned in the Reuters report.

News of these discussions surfaced shortly after Goldman Sachs CEO David Solomon hinted at the possibility of ending the bank’s partnership with Apple before the contract expiration in 2030. The Apple Card deal, initiated in 2019, had a negative impact on Goldman’s return on equity by around 75 basis points in 2024.

The report suggests that talks between Apple and Barclays have been ongoing for several months, but finalizing a deal may still take some time. Earlier reports had also indicated that Apple was exploring a card deal with JPMorgan Chase & Co (NYSE: JPM).

Goldman’s venture into consumer finance, including the Apple Card partnership, aimed to diversify its revenue sources beyond trading activities. However, this move has not been as profitable as expected, with the Apple Card specifically weighing down on Goldman’s financial performance.

Last year, Goldman and Apple faced a $90 million fine from the Consumer Financial Protection Bureau related to the Apple Card. In 2024, Goldman transferred its credit card business with General Motors Company (NYSE: GM) to Barclays.

Apple Barclays Card deal Goldman Replace Reuters Sachs talks
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