JPMorgan in Talks to Acquire Goldman's Apple Card Business

JPMorgan Chase is in discussions to take over the Apple Card business from Goldman Sachs, as reported by The Wall Street Journal.

Goldman Sachs has been managing the Apple Card credit since its introduction in 2019. However, the partnership between the two industry giants has been on shaky ground. In 2023, Goldman Sachs made the decision to withdraw from its consumer banking operations, which includes the $17 billion Apple Card program, in order to focus on its core business.

Goldman Sachs and Apple have reportedly reached out to various financial institutions, such as American Express, to explore opportunities for a potential transition. However, certain obstacles, such as the high loss rate associated with the Apple Card, have hindered progress in these discussions. This may lead Goldman Sachs to sell the Apple Card business to JPMorgan at a value lower than its original worth.