NEW YORK, Jan 15 (Reuters) - Goldman Sachs' credit-card partnership with Apple may come to an end earlier than the expiration of their contract in 2030, as indicated by Goldman CEO David Solomon on Wednesday.
"We have a contract with Apple to run that partnership until 2030, although there's some possibility that it won't continue until that time frame," Solomon informed analysts during an earnings call.
The Apple card had a negative impact on Goldman's return on equity by 75 to 100 basis points last year, but Solomon mentioned that "that will improve in 2025 and 2026."
This business falls under Goldman's platform solutions unit, which suffered an annual net loss of $859 million in 2024.
Reuters reported in September that JPMorgan Chase is being considered to replace Goldman Sachs as Apple's credit-card partner, based on information from a knowledgeable source.