Goldman Sachs May End Apple Credit Card Partnership Before 2030

According to PANews, Goldman Sachs CEO David Solomon indicated during an earnings call that the partnership with Apple for its credit card could conclude before the 2030 contract expiration. Solomon noted that while the agreement is legally binding, there is a possibility for early termination. The Apple credit card project negatively impacted Goldman Sachs' return on equity by 75 to 100 basis points in 2024. However, Solomon expressed optimism that the situation would improve in 2025 and 2026. Goldman Sachs' credit card operations fall under its Platform Solutions division, which reported a net loss of $859 million in 2024. Previous reports have suggested that JPMorgan Chase is in discussions with Apple to potentially replace Goldman Sachs as its credit card partner.