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Report: Citigroup withdrew from Apple Card deal on doubts about profitability

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Report: Citigroup withdrew from Apple Card deal on doubts about profitability

Citigroup Inc. was in advanced talks with Apple Inc. for the launch of a new credit card but pulled out because of doubts regarding the profitability of the offering, CNBC reported.

Apple CEO Tim Cook in March introduced Apple Card in partnership with Goldman Sachs Group Inc. Through the deal, millions of customers can be added to Goldman's consumer banking platform.

It is difficult for banks to make money on Apple Card because of the product's features, such as charging no fees of any kind, according to the news outlet.

The news outlet noted that JPMorgan Chase & Co. and Synchrony Financial also bid on the business.