NEW YORK--JPMorgan Chase and Apple have announced a deal that will make the nation’s largest bank the new issuer of the Apple Card, replacing Goldman Sachs and further expanding JPMorgan’s already dominant credit-card franchise, according to Reuters.
The transaction is expected to bring more than $20 billion in Apple Card balances onto Chase’s platform once completed.
JPMorgan said it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to its forward purchase commitment for the portfolio. The deal remains subject to regulatory approval and is not expected to close for roughly two years. Mastercard will continue to serve as the payment network for the Apple Card.
For Goldman Sachs, the move marks another step in retreating from its consumer banking ambitions, Reuters said.
“This transaction substantially completes the narrowing of our focus in our consumer business,” CEO David Solomon said.
Goldman said the deal will add about 46 cents per share to fourth-quarter 2025 earnings, driven largely by the release of $2.48 billion in loan-loss reserves, partially offset by markdowns on the loan portfolio, contract termination costs, and related expenses.
The Apple Card, launched in 2019, had been a central pillar of Goldman’s push into consumer finance, offering features such as no fees and cash-back rewards. Goldman and Apple announced in 2023 they would wind down their partnership, with discussions between Apple and JPMorgan beginning in 2024 as Goldman sought an exit from the business, Reuters reported.