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Apple Said to be in Talks With Both Barclays & Synchrony to Replace Goldman Sachs as Apple Card Issuer

Apple Said to be in Talks With Both Barclays & Synchrony to Replace Goldman Sachs as Apple Card Issuer

Apple is in talks with two major financial firms, as it looks for a new Apple Card partner to replace Goldman Sachs. Both Barclays and Synchrony Financial are reportedly in discussions to possibly replace Goldman, as that financial firm is looking to drop its consumer financing offerings.

Reuters reports that its has two sources telling them that both firms are candidates to enter a credit card partnership with Apple. Both sources asked to remain anonymous.

The report’s first source says Apple and Barclays have been involved in ongoing negotiation for months now. However, it may still take several months to make a deal. While that may not sound like a big deal, as Goldman and Apple are contracted to offer the card until 2030, Goldman Sachs CEO David Solomon told analysts on a recent earnings call that the partnership may end sooner.

JPMorgan Chase has also engaged in talks with Apple about taking over the credit card business, as has AMEX. However, the talks with AMEX apparently stalled after the financial company expressed reluctance to subserve its well-know brand to the Apple Card brand.

Goldman Sachs was the original financial partner for Apple’s credit card, which launched in 2019. While the launch of the credit card was called the “most successful credit card launch ever,” by Goldman Sachs CEO David Solomon, sources claim that Goldman Sachs had lost more than $1 billion in its first three years of the card.

Goldman Sachs has been working for a while now to exit the consumer financial market. In 2024, the firm handed over its General Motors credit card business to Barclays. Barclays was agreeable to taking over the GM card operations, as it is wants to expand its credit card business in the United States.

Goldmans Sachs first entered the consumer financing business nearly ten years ago. However, when it was faced with billions of dollars in potential losses, the firm decided to pull out of its consumer financial-related businesses.