By Nupur Anand NEW YORK - Apple is in talks with Barclays to replace Goldman Sachs as the tech giant's credit card partner, said two sources familiar with the matter, as the Wall Street giant steps back from its consumer finance ambitions.

Apple Inc. (NASDAQ:AAPL) is reportedly in talks with Barclays (NYSE:BCS) and Synchrony Financial (NYSE:SYF) to replace Goldman Sachs Group Inc. (NYSE:GS) as its credit card partner, according to Reuters.

Apple is exploring partnerships with Barclays and Synchrony to replace Goldman Sachs as its credit card partner as Goldman scales back its consumer finance ambitions.

Regulatory woes, financial losses, and a potential partner swap could reshape the future of Apple's first credit card

In late 2023, the news broke that Apple and Goldman Sachs would be calling it quits before the end of their contract. This was followed by months of rumors and speculation about Apple’s plans for a new partner,

News of the discussions comes just hours after Goldman CEO David Solomon said the bank may end its card deal with Apple before its contract ends in 2030. The Apple Card deal, which was signed in 2019, had dragged down Goldman’s return on equity by at least 75 basis points in 2024.

APPLE is in talks with Barclays to replace Goldman Sachs as the tech giant’s credit card partner, said two sources familiar with the matter, as the Wall Street giant steps back from its consumer finance ambitions.

Goldman's credit card deal with Apple lasts until 2030, but the partnership may end sooner than that, Goldman CEO David Solomon told analysts on an earnings call on Wednesday.

Goldman Sachs CEO David Solomon said that there's "some possibility" the company's Apple Card partnership with Apple could end

"There's some possibility" the credit-card partnership between Goldman Sachs (NYSE:GS) and Apple (NASDAQ:AAPL) will conclude before the contract's 2030 expiration date, Goldman CEO David Solomon said during his firm's (NYSE:GS) Q4 earnings call on Wednesday.