Exclusive-Apple in talks with Barclays, Synchrony to replace Goldman in credit card business, sources tell Reuters
Written by Nupur Anand
NEW YORK – Apple (NASDAQ:) is in talks with Barclays (LON: ) to replace Goldman Sachs as the tech giant’s credit card partner, two sources familiar with the matter said, as the Wall Street giant backs away from its consumer finance ambitions.
Credit card issuer Synchrony Financial (NYSE: ) is also in talks with Apple about a card partnership, the first source said. Both sources declined to be identified, discussing private conversations.
Several financial firms are vying to replace Goldman, which launched a credit card with Apple in 2019, the sources said. While other lenders are tempted to work with Apple, one of the world’s most recognizable brands, they also saw the original terms of the deal as risky and unprofitable, sources told Reuters in December 2023.
Negotiations between Apple and Barclays have been ongoing for several months, but it could still be months before an agreement is reached, the first source said.
JPMorgan Chase (NYSE: ) has also been in talks with Apple about the business since last year, Reuters reported earlier.
Representatives of Apple, Goldman, Barclays and JPMorgan declined to comment. Synchrony did not immediately respond to a request for comment.
Goldman’s credit card deal with Apple runs through 2030, but the partnership could end before then, Goldman CEO David Solomon told analysts on an earnings call Wednesday.
In 2024, Goldman transferred its General Motors (NYSE: ) credit card business to Barclays, which allows customers to earn and redeem rewards points on new Buicks, Cadillacs and other GM cars, including electric vehicles. The deal allowed Barclays to expand its card business in the US
Goldman entered the consumer business nearly a decade ago, aiming to expand its revenue beyond the traditional strongholds of trading and investment banking. By the end of 2022, the Wall Street powerhouse has decided to scale back its retail ambitions after setting aside billions of dollars to cover potential business losses.
