Apple Considers New Credit Card Partner

Apple is reportedly in discussions with Barclays and Synchrony Financial to replace Goldman Sachs as its credit card partner, as Goldman reevaluates its consumer finance strategy following substantial financial losses linked to the Apple Card. The talks have been ongoing for several months, but a final agreement may take time to materialize. Goldman Sachs, which launched the Apple Card in 2019, is facing pressure to exit the partnership, which has significantly impacted its financial performance, leading to a net loss in its platform solutions unit. Additionally, both Goldman and Apple were fined by the Consumer Financial Protection Bureau for mishandling credit card disputes, compounding the challenges in their partnership. Other financial institutions, including JPMorgan, have also been in the mix for a potential partnership as Apple aims to enhance its financial services. The ongoing discussions reflect broader shifts in the consumer finance industry as companies adapt to evolving market conditions.