JPMorgan may take over Goldman's Apple Card business | TechCrunch

JPMorgan Chase is in talks to take over the Apple Card business from Goldman Sachs, The Wall Street Journal reports.

Goldman has issued credit for Apple Card since it launched in 2019, but the Wall Street and Silicon Valley giants have been trying to end their partnership since last year. In 2023, Goldman decided to abandon its push into consumer banking, including the $17 billion Apple Card program, as it was seen as a distraction from its core business.

Goldman and Apple have reportedly approached multiple lenders about becoming new backers of the credit card, including American Express. Some of those deals were stalled because of Apple Card's high loss rate, which allowed Goldman to sell the business to JPMorgan for less than its face value.