NEW YORK (Reuters) – Goldman Sachs’ credit card partnership with Apple could end before the contract expires in 2030, Goldman CEO David Solomon said on Wednesday.
“We have a contract with Apple to carry out that partnership through 2030, although there is a possibility it won’t continue until that time frame,” Solomon told analysts during an earnings call.
The Apple card cut Goldman’s return on equity by 75 to 100 basis points last year, but “that will improve in 2025 and 2026,” he added.
The company is housed within Goldman’s platform solutions division, which posted an annual net loss of $859 million 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)
