Key Points
- JPMorgan Chase is in advanced negotiations to take over the Apple Card program.
- Goldman Sachs, the current partner, is looking to exit the deal as it retreats from consumer banking.
- This would be a major win for JPMorgan, solidifying its position as a top credit card issuer.
- Goldman and Apple launched the card together in 2019.
JPMorgan Chase is reportedly in advanced talks to take over Apple’s credit card program from Goldman Sachs. The move would see the largest U.S. bank step in as the new partner for the popular Apple Card.
The talks began last year, as Goldman Sachs has been looking to exit its high-profile consumer banking partnerships. The Apple Card, launched with much fanfare in 2019, was once a cornerstone of Goldman’s push into consumer finance.
However, the investment bank has since struggled in that space. It is now pivoting back to its traditional strengths in investment banking and trading.
For JPMorgan, taking over the Apple Card would be a major victory. The bank is already one of the top credit card issuers in the country, and this deal would further cement its dominant position in the market. It would also add to a string of successes for CEO Jamie Dimon.
The Apple Card offers perks like no fees and cash back on purchases. While JPMorgan is the frontrunner, other banks have also shown interest. Reuters reported earlier this year that both Barclays and Synchrony Financial had also discussed partnering with Apple on the credit card.
