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Goldman Sachs CEO says Apple card partnership may end before 2030

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Goldman Sachs' credit-card partnership with Apple may end before its contract runs out in 2030, Goldman CEO David Solomon said on Wednesday.
Goldman Sachs CEO David Solomon indicated during a financial conference on January 15, 2025, that the bank's partnership with Apple for the Apple Card might not extend beyond the 2020s. Solomon highlighted the complexities and high costs associated with managing the credit card program, suggesting that Goldman Sachs is reevaluating its consumer banking strategy. This comes amidst reports of Goldman Sachs exploring options to exit or restructure its consumer lending operations, including the Apple Card, which has been a significant part of its push into consumer finance. The partnership, which began in 2019, has faced challenges including regulatory scrutiny and operational issues, prompting Goldman to consider its future in this sector.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/goldman-sachs-ceo-says-apple-card-partnership-may-end-before-2030-2025-01-15/ ]