Core Insights - JPMorgan Chase is taking over the Apple Card from Goldman Sachs, marking a significant shift in the management of Apple's credit card portfolio valued at approximately $20 billion [1][11] - The transition is expected to take about two years, with JPMorgan planning to move the card balances to its retail banking platform, pending regulatory approvals [2][11] - The deal concludes over a year of speculation regarding which financial institution would assume control of Apple's credit card business [4][11] Company and Industry Analysis - Apple has maintained its focus on consumer-oriented financial services, with its digital wallet services leading the market, despite fluctuations in its card portfolio since 2023 [3] - The Apple Card portfolio is estimated to represent around $21 billion in receivables and could generate about $100 billion in payment volume, which is roughly 1% of Mastercard's volume and 75 basis points of Visa's volume [8] - JPMorgan is preparing for potential credit losses by logging a $2.2 billion provision in the fourth quarter of 2025, following a $3.4 billion provision in the third quarter, which included $600 million related to card services [7][11] - The Apple Card has shown impressive growth, with a compounded annual growth rate (CAGR) of over 53% from 2019 to 2021, and a subsequent CAGR between 31% and 42%, significantly outpacing the top 10 credit card issuers [10] - Nearly 40% of Apple Card owners had an annual income of $100,000 or more in 2023, indicating a customer base with substantial spending power [12] - JPMorgan's card business has been expanding steadily, adding 10 million new accounts annually from 2022 to 2024, with a 12% increase in net revenue from card services in the third quarter compared to the previous year [13]

Core Viewpoint - The article discusses a significant decline in the US and European stock markets, driven by President Trump's announcement to potentially ban large institutional investors from purchasing single-family homes, raising concerns about the housing market and economic slowdown [1][3]. Market Performance - The US stock market saw a notable drop, with the Dow Jones Industrial Average falling nearly 1% and Blackstone experiencing a decline of up to 9.3%. The S&P 1500 residential building index decreased by as much as 2.2% [1][3]. - Bank stocks were broadly down, with JPMorgan falling over 2%, Goldman Sachs down more than 1%, and Bank of America dropping nearly 3% [3]. Real Estate Sector Impact - Trump's proposed measures aim to make housing more affordable for Americans, particularly younger individuals, by limiting institutional investment in single-family rentals. This could significantly impact the business of private equity firms and real estate investment trusts [3][4]. - Some analysts question the actual impact of the ban on housing prices, noting that institutional investors hold a relatively small share of the overall market [4]. Energy Sector Reaction - The energy sector also faced declines, with ExxonMobil down over 2% and Chevron down 0.86%. Trump announced that the US would acquire 50 million barrels of previously sanctioned oil from Venezuela [4]. Dollar Index and Global Market Effects - The dollar index rebounded, affecting global market sentiment and leading to declines in international precious metals and commodities. COMEX gold futures fell by 0.65% to $4467.1 per ounce, while silver futures dropped by 3.77% to $77.98 per ounce [6][7]. - The decline in mortgage rates to 6.25% did not stimulate demand, as mortgage applications fell by 9.7% during the holiday period [7].

Core Insights - JPMorgan Chase is set to replace Goldman Sachs as the partner for Apple's credit card business, with an announcement expected soon [1][2] - This transition comes as Goldman Sachs gradually exits the consumer lending space, aligning with Apple's focus on consumer-centric financial services and its dominance in the digital wallet sector [1] Group 1 - JPMorgan Chase will take over Apple's credit card operations from Goldman Sachs [1] - Analysts had previously identified JPMorgan and Capital One Financial Corp. as potential successors to Goldman Sachs [2] - Synchrony Financial is also reported to be in the running for Apple's credit card project [2]

摩根大通与苹果之间的谈判始于2024年7月，当时高盛试图摆脱这一曾经是其消费者银行业务战略基石 的合作关系。 据知情人士称，摩根大通已与高盛达成协议，将从高盛手中接管苹果信用卡项目。 消息人士称，这家美国最大的银行将成为Apple Card的新发卡机构。Apple Card是美国最大的联名信用 卡项目之一，余额约为200亿美元。 这笔潜在的交易将巩固摩根大通在信用卡领域的地位，并标志着其CEO杰米·戴蒙的又一次胜利。在他 的领导下，摩根大通已成为美国零售和投资银行业务的主导力量。 据悉，摩根大通将向新老客户发行Apple Card，而从高盛的过渡预计需要一些时间。 高盛还计划推出一个新的苹果品牌的储蓄账户，而高盛现有的苹果储蓄客户将能够选择是保留还是转 移。 消息人士称，高盛预计将以超过10亿美元的折扣出售约200亿美元的未偿信用卡余额。 高盛2019年与苹果合作推出了Apple Card，提供优惠，如免手续费和现金返还，但该行在消费者银行业 务上的困境促使其重新考虑这一联盟。 责任编辑：于健 SF069 据知情人士称，摩根大通已与高盛达成协议，将从高盛手中接管苹果信用卡项目。 消息人士称，这家美国最大的银行 ...

Market - US stock market closed mixed on January 8, with the Dow Jones and S&P 500 hitting record highs before retreating. The Dow fell by 0.94%, while the Nasdaq rose by 0.16% and the S&P 500 dropped by 0.34% [2] - Major sectors such as financials and energy saw declines of over 1%, with bank stocks giving back gains. ExxonMobil and other energy stocks were dragged down by falling oil prices [2] - The top traded stocks included Nvidia, which rose by 1% after announcing a new AI platform, and Alphabet, whose market capitalization surpassed Apple's after a 2.43% increase [3] Macro - President Trump announced a significant increase in the military budget for 2027, raising it from approximately $1 trillion to $1.5 trillion, citing national security concerns and tariff revenues as reasons [9] - Trump proposed to ban Wall Street from investing in single-family homes to lower housing prices, a move that caused a sharp decline in housing construction stocks [10][11] - The US Bureau of Economic Analysis will use the average CPI from September and November to estimate October's PCE data due to missing data [12] - Trump stated that revenues from Venezuelan oil sales will be used exclusively to purchase American goods, indicating a desire to strengthen trade ties between the US and Venezuela [13] - The US has begun selling Venezuelan oil globally, with proceeds deposited in US-controlled accounts [14] Company - OpenAI launched ChatGPT Health, a new feature aimed at providing health information and analysis, connecting to electronic health records and wearable devices [28] - Morgan Stanley is set to take over Apple's credit card business from Goldman Sachs, which is divesting due to poor performance [30] - AbbVie is in deep negotiations to acquire Revolution Medicines, a cancer drug manufacturer, with a potential deal exceeding $20 billion [31] - Anthropic plans to raise $10 billion at a pre-money valuation of $350 billion, with significant interest from major investors [32] - The Venezuelan state oil company is negotiating with the US regarding oil sales, aiming to establish a mutually beneficial relationship [33] - Trump threatened to cut off Raytheon's government contracts unless the company increases its investment in production and R&D [29] - GameStop announced a $35 billion compensation plan for CEO Ryan Cohen, contingent on achieving specific financial targets [36]

Core Insights - JPMorgan Chase has reached an agreement to take over Apple's credit card project from Goldman Sachs, marking a significant shift in the credit card landscape [1] - The deal is expected to be announced soon and will solidify JPMorgan's position as a leader in the credit card sector while indicating the failure of Goldman Sachs' experiment in consumer lending [1] Group 1: Company Developments - JPMorgan Chase will become the new issuer for Apple's credit card, which has an outstanding balance of approximately $20 billion [1] - Goldman Sachs is expected to sell the $20 billion credit card balance at a discount of over $1 billion, a rare occurrence in credit card projects where balances are typically sold at a premium [1] - The transition from Goldman Sachs to JPMorgan Chase will take time, and JPMorgan plans to introduce a new Apple savings account [2] Group 2: Industry Implications - The collaboration between JPMorgan and Apple is anticipated to strengthen their relationship, especially as payment behaviors increasingly shift to mobile devices [1] - JPMorgan will gain access to a loyal customer base of Apple users, allowing for the promotion of additional financial products [1] - Apple will benefit from a partnership with a major financial institution, enhancing its ability to sell more hardware and provide consumer financial services [1]

Core Insights - JPMorgan Chase is set to become the new issuer of the Apple credit card, with an announcement expected soon following over a year of negotiations [2][5] - Goldman Sachs will offload the credit card program, which has $20 billion in outstanding balances, at a discount exceeding $1 billion due to high exposure to subprime borrowers and a delinquency rate above the industry average [2][3] - JPMorgan Chase plans to issue Apple credit cards for both new and existing customers and will introduce a new Apple savings account alongside existing accounts at Goldman Sachs [4] Company Developments - The transition from Goldman Sachs to JPMorgan Chase comes after Apple decided to end its partnership with Goldman Sachs, which began in March 2019 [5] - Goldman Sachs has faced significant losses in its consumer operation efforts, prompting the decision to offload the partnership [6] - The Consumer Financial Protection Bureau announced a fine of over $89 million against Apple and Goldman Sachs for alleged customer service violations affecting numerous Apple Card users [6]

Group 1 - Goldman Sachs has announced an agreement to transition the Apple Card project to JPMorgan Chase, with the transition expected to be completed in approximately 24 months [1]

WILMINGTON, Del.--(BUSINESS WIRE)--Today, Apple and Chase announced that Chase will become the new issuer of Apple Card, with an expected transition in approximately 24 months. Apple Card users can continue to enjoy the award-winning experience of Apple Card, which includes up to 3 percent unlimited Daily Cash back on every purchase, easy-to-navigate spending tools, Apple Card Family,1 access to a high-yield Savings account,2 and more. Mastercard will remain the payment network for Apple Card,. ...

Core Viewpoint - JPMorgan's asset and wealth management division is eliminating reliance on external proxy advisors for shareholder voting decisions, marking a significant shift in its voting process [1][7]. Group 1: Changes in Proxy Voting Process - The changes to the U.S. proxy-voting process will be fully implemented on April 1, following a transition period in the first quarter of the year [2]. - JPMorgan's asset management division manages $7 trillion in client assets, influencing numerous shareholder decisions beyond financial matters [3]. Group 2: Reasons for Change - The decision to move away from proxy advisors is partly in response to criticism from the Trump administration, which called for increased oversight of the proxy advisor industry [3][4]. - JPMorgan aims to reinforce its commitment to act solely in clients' best interests by utilizing its own information advantage rather than relying on external advisors [4]. Group 3: Introduction of In-House AI Tool - In place of external advisors, JPMorgan is launching an in-house AI platform named Proxy IQ to assist in shareholder voting decisions [4][7]. - Proxy IQ will provide independent analysis and cover all aspects of the voting process, including data and research selection [5]. - The tool is designed to aggregate and analyze proprietary data from over 3,000 annual company meetings [5]. Group 4: Technology Investment - JPMorgan has allocated a technology budget of $18 billion, with CEO Jamie Dimon emphasizing the importance of winning the AI arms race [6].