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Investing.com -- Goldman Sachs' credit card alliance with Apple (NASDAQ:AAPL) could be terminated before its contract expiration in 2030, according to Goldman CEO David Solomon.
The partnership, which is set to run until 2030, may not continue for the entire duration, Solomon said during an earnings call on Wednesday. He did not provide a specific reason for this potential early termination.
The Apple card negatively impacted Goldman's return on equity in the previous year, causing a decrease of 75 to 100 basis points. However, Solomon anticipates improvement in this area in 2025 and 2026.
The credit card business is part of Goldman's platform solutions unit. This unit reported an annual net loss of $859 million in 2024. The impact of the Apple card on this loss was not specified.
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