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Investing.com– Apple Inc (NASDAQ:AAPL) is in talks with Barclays (NYSE:BCS) to exchange Goldman Sachs Group Inc (NYSE:GS) as its bank card associate, Reuters reported on Wednesday, because the funding financial institution seeks to mood its retail finance ambitions.
The tech large can be in talks with bank card operator Synchrony Monetary (NYSE:SYF) over a card deal, the Reuters report mentioned.
Information of the discussions comes simply hours after Goldman CEO David Solomon mentioned the financial institution might finish its card cope with Apple earlier than its contract ends in 2030. The Apple Card deal, which was signed in 2019, had dragged down Goldman’s return on fairness by not less than 75 foundation factors in 2024.
Wednesday’s report mentioned that discussions between Apple and Barclays have been ongoing for a number of months, though it could take longer till a deal is reached. Reuters had beforehand reported that Apple was additionally in talks with JPMorgan Chase & Co (NYSE:JPM) over a card deal.
The Apple Card was a part of Goldman’s foray into client finance over the previous decade, because it tried to diversify its income streams past its buying and selling desk. However the foray has thus far confirmed to be largely unprofitable, with the Apple Card being a specific weight on its financials.
Goldman and Apple had been additionally fined $90 million by the Client Monetary Safety Bureau final 12 months over the cardboard.
Goldman had transferred its Common Motors Firm (NYSE:GM) bank card enterprise to Barclays in 2024.
