JPMorgan to take over Apple Card, ending Goldman Sachs partnership

JPMorgan Chase has reached an agreement to take over Apple’s credit-card programme from Goldman Sachs, bringing an end to a high-profile partnership that once stood at the centre of Goldman’s consumer banking strategy, according to a report by The Wall Street Journal.

Under the deal, JPMorgan will become the issuer of the Apple Card, one of the largest co-branded credit-card offerings in the United States, carrying balances of roughly Rs 20 billion. The move further bolsters JPMorgan’s already commanding presence in the US credit-card market and adds another major consumer-facing partnership under chief executive Jamie Dimon.

For Apple Card users, JPMorgan will issue cards to both new and existing customers, although the transition from Goldman is expected to be gradual. The bank is also planning to introduce a new Apple-branded savings account. Customers currently holding Apple savings accounts with Goldman will be given the option to either stay with Goldman or shift their accounts to JPMorgan.

Also read: Omnicom rolls out new Omni platform to unite Creativity, Media and Data after Interpublic deal

Goldman’s departure highlights the financial and strategic cost of its retreat from mass-market consumer banking. The bank is expected to sell off around Rs 20 billion in outstanding Apple Card balances at a discount exceeding Rs 1 billion, underscoring the losses tied to the partnership.

Launched in 2019, the Apple Card was envisioned as a flagship product in Goldman’s effort to expand beyond its traditional Wall Street stronghold. However, ongoing losses, regulatory pressure and operational hurdles prompted the bank to reassess its consumer ambitions and seek an exit from the programme.

For JPMorgan, discussions with Apple reportedly began in 2024 as Goldman explored alternatives. The deal offers JPMorgan access to a large base of affluent customers and deeper integration into Apple’s ecosystem, an area where Goldman struggled to generate sustainable returns.

Also read: OTT platforms see 944% jump in complaints to 1,086 in FY25, MIB data reveals

Other financial institutions, including Barclays and Synchrony Financial, had previously held talks with Apple about taking over the card programme, but JPMorgan ultimately emerged as Apple’s preferred partner.