Apple in talks with Barclays, Synchrony to switch Goldman in bank card deal, sources say

By Nupur Anand

NEW YORK -Apple is in talks with Barclays (LON:BARC) to switch Goldman Sachs because the tech large’s bank card associate, stated two sources acquainted with the matter, because the Wall Road large steps again from its client finance ambitions.

Bank card issuer Synchrony Monetary (NYSE:SYF) can be in discussions with Apple (NASDAQ:AAPL) concerning the card partnership, the primary supply stated. Each sources declined to be recognized discussing non-public talks.

A number of monetary companies are vying to switch Goldman, which launched the bank card with Apple in 2019, the sources stated. Whereas different lenders are tempted by working with Apple, one of many world’s most recognizable manufacturers, in addition they seen the unique deal phrases as dangerous and unprofitable, sources instructed Reuters in December 2023.

Negotiations between Apple and Barclays have been ongoing for a number of months, however it could nonetheless take months to strike a deal, the primary supply stated.

JPMorgan Chase (NYSE:JPM) has additionally been in talks with Apple concerning the enterprise since final 12 months, Reuters reported beforehand.

Representatives for Apple, Goldman, Barclays and JPMorgan declined to remark. Synchrony didn’t instantly reply to a request for remark.

Goldman’s bank card cope with Apple lasts till 2030, however the partnership might finish before that, Goldman CEO David Solomon instructed analysts on an earnings name on Wednesday.

In 2024, Goldman transferred its Common Motors (NYSE:GM) bank card enterprise to Barclays that permits clients to earn and redeem reward factors on new Buicks, Cadillacs and different GM automobiles, together with electrical autos. The deal enabled Barclays to develop its card footprint within the U.S.

Goldman entered the patron enterprise practically a decade in the past, aiming to broaden its income past its conventional mainstays of buying and selling and funding banking. By late 2022, the Wall Road powerhouse determined to scale down its retail ambitions after setting apart billions of {dollars} to cowl potential losses within the enterprise.