Goldman Sachs CEO David Solomon has sparked speculation about the future of the Apple Card partnership by mentioning a possible premature conclusion to their agreement. The current contract between the two companies is set to run until 2030, but there’s a chance it might not last that long.
According to Reuters, Solomon stated during an earnings call that Goldman Sachs’ return on equity was impacted by the Apple Card business, which dragged down its results by 75-100 basis points last year. However, he noted that this will improve in 2025 and 2026.
The rumored partnership break comes as Goldman Sachs faced significant losses in its consumer business, including Apple Card, last fall. JPMorgan Chase is reportedly a prime contender to take over the Apple Card business from Goldman Sachs if a new partnership is formed.
While both Apple and Goldman Sachs have reaffirmed their commitment to providing an excellent customer experience, it’s unclear what changes are in store for Apple Card in the future. As a result, customers might face some negative consequences during any potential financial transition.
Source: https://9to5mac.com/2025/01/15/goldman-sachs-ceo-confirms-apple-card-partnership-could-end