JPMorgan Chase agrees to take over Apple Card from Goldman Sachs #
JPMorgan Chase has reached an agreement to assume responsibility for the Apple Card, replacing Goldman Sachs as Apple’s banking partner for the credit card. The deal marks a significant shift in one of the most high-profile partnerships between a major technology company and a Wall Street bank, following Goldman’s decision to scale back its consumer banking ambitions
Under the agreement, JPMorgan will take on the Apple Card’s existing customer base and infrastructure, while Apple retains control over the customer experience and brand. The move allows JPMorgan to expand its credit card portfolio with a large, digitally native user base, while providing Apple with a partner that has deeper experience in large-scale consumer credit operations. The transaction is subject to regulatory approvals and transition planning.