JPMorgan to replace Goldman as Apple Card issuer
The deal is subject to regulatory approvals and is not expected to close for roughly two years
[BENGALURU] JPMorgan Chase and Apple on Wednesday (Jan 7) announced a deal under which the bank will become the new issuer of the Apple Card, replacing Goldman Sachs, further expanding the biggest US bank’s credit card franchise.
The deal would cement JPMorgan’s position in the credit cards segment and mark another win for CEO Jamie Dimon, under whose leadership the bank has become a dominant force in retail and investment banking.
The move is estimated to bring over US$20 billion in card balances to Chase’s platform once completed, the companies said.
JPMorgan expects to record a US$2.2 billion provision for credit losses in the fourth quarter of 2025 tied to the forward purchase commitment of the portfolio.
The deal is subject to regulatory approvals and is not expected to close for roughly two years.
Mastercard will remain the payment network for Apple Card.
For Goldman, the exit marks another step in unwinding its consumer ambitions.
“This transaction substantially completes the narrowing of our focus in our consumer business,” chief executive David Solomon said.
The transaction is expected to add about 46 US cents per share to Goldman’s fourth-quarter 2025 earnings, driven by the release of US$2.48 billion in loan-loss reserves. That will be partly offset by a US$2.26 billion hit to net revenue tied to marking down the loan portfolio and contract termination costs, as well as US$38 million of expenses, Goldman Sachs said.
Goldman and Apple announced in 2023 that they were ending their partnership.
Talks between JPMorgan and Apple began in 2024, as Goldman Sachs sought to unwind a partnership that had once been a cornerstone of its consumer banking strategy.
Launched in 2019 in partnership with Goldman Sachs, the Apple credit card offered perks such as no fees and cashback, but the bank’s struggles in consumer banking prompted a rethink of the alliance.
The largest US lender, JPMorgan Chase, will kick off earnings season for banks on Jan 13, with Goldman Sachs reporting on Jan 15. REUTERS
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