JPMorgan Chase is in advanced talks to take over Apple’s credit card program from Goldman Sachs. If a deal is finalized, it would mark the end of a rocky partnership between Apple and Goldman, and shift roughly 12 million Apple Card users under JPMorgan’s management. For Apple, the move would align the brand with a more experienced consumer lender; for JPMorgan, it’s a chance to deepen its footprint in tech-enabled financial services.
JPMorgan is reportedly negotiating to acquire approximately $17 billion in existing Apple Card balances at a discount. The markdown reflects concerns around subprime exposure and the significant losses Goldman Sachs has absorbed since the program’s launch in 2019. Goldman has struggled with the card’s fixed billing cycle and customer service demands, issues that contributed to regulatory scrutiny and made the partnership more costly than anticipated.
The deal would further Apple’s push into financial services while allowing Goldman to unwind its consumer ambitions. Meanwhile, JPMorgan, already the largest U.S. credit card issuer, would strengthen its dominance in the space, while gaining a high-profile partner with deep user engagement and brand loyalty.
Written by: Gannon Breslin
