According to CNBC, JPMorgan Chase and Goldman Sachs announced on Wednesday that they have reached an agreement under which JPMorgan Chase will take over the Apple Card issuing business from Goldman Sachs. This marks Goldman Sachs’ effective exit from its troubled consumer finance experiment and further strengthens JPMorgan Chase’s lead in retail banking.
The transaction is expected to take about 24 months to complete and involve the transfer of more than $20 billion in credit-card loans. JPMorgan Chase said that when it reports fourth-quarter 2025 results next week, it will include a $2.2 billion credit-loss reserve for this transaction. Goldman Sachs said it expects the deal to add $0.46 per share to earnings in the results it releases next week.
Jennifer Bailey, vice president of Apple Pay, said that JPMorgan Chase and Apple are both committed to innovation and will continue to work together to deliver the best user experience. Goldman Sachs Chief Executive Officer David Solomon said the deal effectively marks the completion of Goldman Sachs’ strategic retrenchment in consumer banking, allowing the firm to focus on its core business. Sources said JPMorgan Chase took the portfolio at a discount of more than $1 billion. JPMorgan Chase, already the largest U.S. credit-card issuer, further reinforces its position through a deeper tie-up with the tech giant.
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According to CNBC, JPMorgan Chase was close to a deal with Goldman Sachs to acquire the Apple Card customer portfolio. Sources said earlier suitors like American Express, Synchrony, and Barclays had already exited, making JPMorgan’s presence increase the likelihood of a deal.
JPMorgan Chase has become the largest U.S. credit-card issuer, and buying the Apple Card and its substantial loan portfolio would further solidify its leadership in the U.S. financial market. Although neither bank commented publicly, Apple also did not respond promptly to CNBC’s request for comment.
Progress between JPMorgan and Apple in the negotiations was evident, according to people familiar with the talks. Earlier competitors had already withdrawn, making JPMorgan appear much closer to a deal. In addition, the acquisition of the Apple Card business would help Goldman Sachs get out of the difficult spot David Solomon has been navigating. Since entering the credit-card market in 2019 with the Apple Card, Goldman had once enjoyed a lot of momentum, but heavy growth demands and accounting requirements eventually caught it off guard, deepening its problems.
As of the end of March, Goldman Sachs’ total credit-card loan portfolio was $20.5 billion, and the firm is still in the process of moving the General Motors card business to Barclays. For Apple, JPMorgan’s entry would bring greater stability, especially amid regulatory scrutiny of Goldman’s bill- and refund-processing practices. Sources said JPMorgan’s performance on this business has been more disciplined, and they suggested they would only sign once compromises were reached on key issues such as how Apple Card services are handled.
