JPMorgan Chase has finalised a deal to replace Goldman Sachs as issuer of the Apple credit card. Both banks announced the agreement on Wednesday after a year of talks.
The move bolsters JPMorgan, already the leading U.S. credit card issuer by purchase volume. It will absorb over $20 billion in loans from Goldman, which scaled back consumer lending in 2022 after Marcus platform setbacks.
The transition spans 24 months. JPMorgan will book a $2.2 billion credit loss provision in next week’s Q4 2025 earnings. Apple Card perks and Mastercard network access remain unchanged.
“Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives,” said Jennifer Bailey, Apple’s senior vice president of Apple Services. “We look forward to working together to continue to provide a best-in-class experience.”
JPMorgan deepens its fintech ties and plans an Apple savings account with strong yields. Goldman closes a rocky chapter from its 2019 Apple Card launch, hampered by subprime borrower risks.
“This transaction substantially completes the narrowing of our focus in our consumer business,” stated CEO David Solomon. “We look forward to continuing to support our customers during the transition to a new issuer as we focus on advancing the strategy we laid out for our core franchises.”
The deal adds 46 cents per share to Goldman’s upcoming earnings. JPMorgan outlasted rivals like American Express, Synchrony, and Barclays, securing a $1 billion-plus discount despite the portfolio’s credit challenges.