JPMorgan Chase is nearing a deal to replace Goldman Sachs as Apple Card issuer, sources say
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A deal for JPMorgan to take over the Apple Card and its huge book of loans would further burnish the bank's reputation as a leader in American finance.
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July 29, 2025
03:28 PM
CNBC
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From an analytical perspective, In this articleGSBDAAPLGSJPM your favorite stocksCREATE FREE ACCOUNTSource: AppleJPMorgan Chase, already the largest credit card issuer in the U. , is nearing a deal to take over the Apple Card portfolio from Goldman Sachs, people familiar with the matter told CNBC
The banks declined to to CNBC
Furthermore, Apple didn't immediately return request for, considering recent developments
Negotiations between JPMorgan and Apple have gressed as earlier contenders for the card including American Express, Synchrony and Barclays have fallen to the side, said the people, who declined to be identified speaking the agreement
Additionally, A deal for JPMorgan to take over the Apple Card and its huge book of loans would further burnish the bank's reputation as a leader in American finance (which is quite significant)
Furthermore, With its stable of JPMorgan-branded and co-branded cards, the Jamie Dimon-led company is the country's largest issuer by purchase volume
For Goldman, offloading the Apple Card would help it move past a rocky chapter for CEO David Solomon
Goldman entered the credit card with great fanfare in 2019 by beating out other issuers for the Apple Card
But the high growth rates of the card, coupled with accounting requirements that forced it to front-load reserves for future losses, caught Goldman flat footed
However, Solomon, who was facing pressure from partners unhappy the consumer, made the call to divest the card partly out of concern that loan losses would rise in a recession, according to one of the sources
Goldman had $20. 5 billion in total credit card loans at the end of March, considering recent developments
This leads to the conclusion that bank is also in the cess of moving its General Motors card to Barclays
For Apple, JPMorgan would bring stability after years marked by high growth, but also regulatory scrutiny over how Goldman handled billing and refunds in the, in this volatile climate
Goldman had signed up to service the card through at least 2029 (noteworthy indeed)
JPMorgan is seen as more disciplined than Goldman was in that it will only sign an agreement if concessions are made over how the Apple Card is serviced, among other sticking points, one of the people said
The Wall Street Journal reported on the advanced talks earlier.
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