Archive · 8 Jan 2026
JPMorgan to Take Over Apple Card
JPMorgan Chase and Apple have made a deal for JPMorgan to become the new issuer of the Apple Card, taking over from Goldman Sachs.
This change is expected to bring over $20 billion in card balances to JPMorgan.
The deal will take about two years to complete and needs regulatory approval.
Goldman Sachs will see some financial impacts, including a release of loan-loss reserves and a hit to net revenue.
Mastercard will continue to be the payment network for the Apple Card.
This move is part of Goldman Sachs' plan to focus less on consumer banking and more on other areas.
JPMorgan, already a big player in banking, will expand its credit card business with this deal.
Goldman is reportedly selling the card balances at a discount of more than $1 billion.
JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card.
The deal is expected to bring over $20 billion in card balances to JPMorgan.
JPMorgan expects to record a $2.2 billion provision for credit losses in Q4 2025.
The deal is subject to regulatory approvals and is not expected to close for roughly two years.
Mastercard will remain the payment network for the Apple Card.
- Who
- JPMorgan Chase, Goldman Sachs, Apple
- What
- JPMorgan Chase to replace Goldman Sachs as the issuer of the Apple Card
- When
- Deal expected to close in roughly two years
- Where
- United States
- Why
- Goldman Sachs is unwinding its consumer banking ambitions, and JPMorgan is expanding its credit card franchise
- Current Issuer
- Goldman Sachs
- New Issuer
- JPMorgan Chase
- Estimated Card Balances
- $20 billion
- Provision for Credit Losses
- $2.2 billion (Q4 2025)
- Expected Completion
- Roughly two years
- Payment Network
- Mastercard
- Goldman's Earnings Impact
- $46 cents per share (Q4 2025)
- Goldman's Loan-loss Reserves
- $2.48 billion
- Goldman's Net Revenue Hit
- $2.26 billion
- Goldman's Expenses
- $38 million
- Discount on Card Balances
- More than $1 billion
