However, Apple Card is a loss-making product for the bank. Apple has cut the profitability of its credit product by 75 to 100 basis points in 2024, according to Goldman Sachs CEO David Solomon. Therefore, the possibility of terminating the contract between the companies is being evaluated and Solomon believes that he can terminate the agreement ahead of schedule.

In this context, Apple is negotiating with financial conglomerates Barclays and Synchrony Financial to reach an agreement on the Apple Card. Apple is also currently working with Barclays to offer Apple Card financing in the UK.

However, if Apple cannot find an alternative to Goldman Sachs, the project is likely to be closed.

Source: Ferra

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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