Goldman Sachs CEO says Apple card partnership may end before 2030


FILE PHOTO: David Solomon, CEO of Goldman Sachs, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024. REUTERS/Mike Segar/File Photo

NEW YORK (Reuters) - Goldman Sachs' credit-card partnership with Apple may end before its contract runs out in 2030, Goldman CEO David Solomon said on Wednesday.

"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.

The business is housed within Goldman's platform solutions unit, which posted an $859-million annual net loss in 2024.

JPMorgan Chase is in talks with Apple about replacing Goldman Sachs as the tech company's credit-card partner, Reuters reported in September, citing a source familiar with the matter.

(Reporting by Saeed Azhar and Noor Zainab Hussain, editing by Lananh Nguyen and Rod Nickel)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Tech+News

Niger turns to satellites to bridge digital divide
HP to buy Humane, maker of the Ai Pin, for US$116mil
Musk's X in talks to raise money at a $44 billion valuation, Bloomberg News reports
Digital detox: young adults flock to London ‘offline’ nights
WhatsApp faces tougher EU rules as users top 45 million
In Rio de Janeiro, a wrong turn leads from paradise to peril
Vietnam's strict new social media regulations strangle free speech, report says
Meta plans undersea cable to link five continents
‘Fingerprinting’ can be used to track Internet users without a trace
Japan chip materials maker Resonac looks to chase deals after restructuring

Others Also Read