Apple in talks with Barclays and Synchrony as Goldman card partnership faces early end

Apple is in discussions with Barclays and Synchrony Financial to potentially take over its credit card partnership from Goldman Sachs, as the Wall Street bank continues to scale back its consumer finance operations, according to reporting from Reuters.

The talks with Barclays have been ongoing for several months, according to sources familiar with the matter, though negotiations could take additional months to finalise. The development comes as Goldman Sachs' chief executive officer David Solomon revealed the current partnership might conclude before its scheduled 2030 expiry.

"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 during an earnings call on Wednesday.

The Apple credit card partnership has proved challenging for Goldman Sachs, with Solomon disclosing that it reduced the bank's return on equity by 75 to 100 basis points in 2024. The business sits within Goldman's platform solutions unit, which recorded an $859 million net loss last year.

Several financial institutions are competing to secure the partnership with the technology giant, though some have expressed concerns about the original deal terms. JPMorgan Chase has also been involved in discussions with Apple since last year about potentially taking over the business.

The potential changeover follows Barclays' recent expansion in the US credit card market, having acquired Goldman's General Motors credit card business in 2024. That partnership enables customers to earn and redeem reward points on new GM vehicles, including electric models.

Goldman Sachs initially entered the consumer banking sector nearly a decade ago, seeking to diversify its revenue streams beyond its traditional investment banking and trading operations. However, by late 2022, the bank decided to reduce its retail banking ambitions after setting aside billions to cover potential losses in the business.



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