{"id":46670,"date":"2026-01-08T11:35:06","date_gmt":"2026-01-08T11:35:06","guid":{"rendered":"https:\/\/quickassetsmarket.com\/index.php\/2026\/01\/08\/jpmorgan-takes-over-apple-card-in-major-consumer-finance-deal\/"},"modified":"2026-01-08T11:35:06","modified_gmt":"2026-01-08T11:35:06","slug":"jpmorgan-takes-over-apple-card-in-major-consumer-finance-deal","status":"publish","type":"post","link":"https:\/\/quickassetsmarket.com\/index.php\/2026\/01\/08\/jpmorgan-takes-over-apple-card-in-major-consumer-finance-deal\/","title":{"rendered":"JPMorgan takes over Apple Card in major consumer finance deal"},"content":{"rendered":"
<\/div>\n

JPMorgan Chase has agreed to take over the Apple credit-card program from Goldman Sachs, marking a significant shift in the US consumer finance landscape and bringing an end to Goldman\u2019s troubled foray into mass-market lending.<\/p>\n

Under the deal, JPMorgan will become the new issuer of the Apple Card, one of the largest co-branded credit-card programs in the country, with roughly $20 billion in outstanding balances. <\/p>\n

Mastercard will remain the payment network. The transaction, which is subject to regulatory approval, is not expected to close for around two years.<\/p>\n

For JPMorgan, the agreement further cements its position as the dominant force in US credit cards. <\/p>\n

For Goldman, it represents the final chapter of an experiment in consumer banking that has weighed on earnings and strategy for several years.<\/p>\n

A strategic win for JPMorgan and Apple<\/h2>\n

The deal is expected to bring JPMorgan and Apple closer at a time when payments are increasingly embedded in smartphones, watches and other devices. <\/p>\n

JPMorgan gains access to a large, loyal customer base that can be targeted with additional banking products, while Apple secures a partner with a vast consumer franchise to help finance and sell its hardware.<\/p>\n

The move also adds to a series of strategic wins for JPMorgan chief executive Jamie Dimon, under whose leadership the bank has built scale across retail banking, cards and investment banking.<\/p>\n

JPMorgan expects to book a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to its forward purchase commitment.<\/p>\n

Executives have said they are confident the bank\u2019s scale and experience in managing card risk will allow it to absorb and grow the program over time.<\/p>\n

JPMorgan will issue Apple Cards to both new and existing customers. <\/p>\n

The bank is also reportedly planning to launch a new Apple savings account.<\/p>\n

Existing Apple savings customers at Goldman will be given the choice to stay or move their accounts to JPMorgan during the transition period.<\/p>\n

Goldman exits at a steep discount<\/h2>\n

Goldman Sachs is selling the Apple Card loan portfolio at a discount of more than $1 billion, the Wall Street Journal reported, an unusual outcome for a large co-branded card program. <\/p>\n

In stronger partnerships, card balances often sell at a premium of up to 8% or more.<\/p>\n

The discount reflects the portfolio\u2019s relatively high exposure to subprime borrowers and delinquency rates that have exceeded industry averages, raising concerns about potential credit losses. <\/p>\n

Those risks slowed negotiations and contributed to hesitation from JPMorgan and other banks that previously considered a deal.<\/p>\n

Goldman said the transaction would result in a one-time boost of 46 cents per share to its fourth-quarter earnings. <\/p>\n

The bank expects revenue to be reduced by $2.26 billion due to the deal and portfolio markdown, offset by the release of $2.48 billion previously set aside for loan losses.<\/p>\n

A partnership comes full circle<\/h2>\n

Apple and Goldman launched the Apple Card in 2019, promising a simplified, fee-free credit card integrated into the iPhone. <\/p>\n

The card offers up to 3% daily cashback on purchases from Apple and other select partners; 2% from using Apple Pay; and 1% from using the physical card.<\/p>\n

While the product attracted users, Goldman struggled with losses and operational challenges in consumer banking.<\/p>\n

In 2023, Apple and Goldman confirmed they would end their partnership, and talks between Apple and JPMorgan began the following year as Goldman sought to unwind the relationship.<\/p>\n

The announcement comes ahead of a closely watched earnings season. <\/p>\n

JPMorgan, the largest US lender, is scheduled to report results on January 13, while Goldman Sachs reports on January 15.<\/p>\n

The post JPMorgan takes over Apple Card in major consumer finance deal<\/a> appeared first on Invezz<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

JPMorgan Chase has agreed to take over the Apple credit-card program from Goldman Sachs, marking a significant shift in the US consumer finance landscape and bringing an end to Goldman\u2019s troubled foray into mass-market lending. Under the deal, JPMorgan will become the new issuer of the Apple Card, one of the largest co-branded credit-card programs <\/p>\n","protected":false},"author":1,"featured_media":46671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-46670","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/46670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=46670"}],"version-history":[{"count":0,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/46670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media\/46671"}],"wp:attachment":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=46670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=46670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=46670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}