JPMorgan Takes Over Apple Card

Benzinga

JPMorgan Chase reached a deal to take over Apple’s credit-card program from Goldman Sachs, strengthening JPMorgan’s card business while Goldman continues exiting consumer lending, according to The Wall Street Journal.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02JPMorgan Chase reached a deal to take over Apple's credit card program from Goldman Sachs,

00:08according to the Wall Street Journal. JPMorgan will become the new issuer of Apple's credit card,

00:13a large co-branded program with about $20 billion in balances, after talks that lasted more than

00:19a year. The deal strengthens JPMorgan's position in credit cards and is expected to be announced

00:24soon. The deal is expected to deepen ties between JPMorgan and Apple by giving the bank access

00:29to Apple's customer base while providing Apple with a large consumer banking partner to support

00:34device sales and financing. The discount reflects exposure to subprime borrowers and higher-than-average

00:40delinquencies. Goldman is expected to sell to balances at a discount of more than $1 billion

00:45as it continues exiting consumer lending, with more than $7 billion in pre-tax losses since 2020.

00:52For all things money, visit Benzinga.com.

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