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].

Jan 7 (Reuters) - JPMorgan Chase and Apple on Wednesday announced a deal under which the bank will become the new issuer of the ​Apple Card, replacing Goldman Sachs, further expanding the biggest U.S. bank's credit ‌card franchise. The deal would cement JPMorgan's position in the credit cards segment and mark another win for ‌CEO Jamie Dimon, under whose leadership the bank has become a dominant force in retail and investment banking. The move is estimated to bring over $20 billion in card balances to C ...

Core Insights - JPMorgan Chase has reached an agreement to acquire the Apple credit-card program from Goldman Sachs, as reported by the Wall Street Journal, citing sources familiar with the matter [1] Company Summary - JPMorgan Chase is set to take over the management of the Apple credit-card program, which was previously handled by Goldman Sachs [1] - This transition indicates a strategic shift in the partnerships within the financial services sector, particularly in the credit card space [1] Industry Summary - The deal highlights the competitive landscape in the credit card industry, where major banks are vying for lucrative partnerships with technology companies [1] - The acquisition may lead to changes in how credit card offerings are structured and marketed, potentially impacting consumer choices and market dynamics [1]

Core Viewpoint - Goldman Sachs is exiting its support for the Apple Card, marking a retreat from its consumer Fintech ambitions, which struggled despite the initial strategic rationale [1][2]. Group 1: Goldman Sachs and Apple Card - Goldman Sachs will incur an approximate $1 billion loss on its outstanding credit balances as it transfers the Apple Card business to JPMorgan [2]. - The Apple Card has a delinquency rate of 4%, which is higher than the industry average of 3.05%, complicating the deal due to the large number of subprime customers [2]. Group 2: JPMorgan's Position - JPMorgan, as the largest bank in the US by assets, is well-positioned to operate the Apple Card business more profitably, leveraging its leadership in the credit card market [3]. - JPMorgan is developing JPMCoin, the first bank-issued stablecoin, which could enhance its digital services and reduce transfer and payment costs [4]. - Jamie Dimon, CEO of JPMorgan, is recognized as a leading figure in the banking industry and has shifted his stance on crypto, now viewing it as a transformative technology [4].

Group 1 - JPMorgan Chase has reached an agreement to become the new issuer of the Apple credit card, taking over from Goldman Sachs [1] - The deal is nearing finalization after approximately one year of negotiations [2] - JPMorgan will offload around $20 billion of card balances at a discount exceeding $1 billion [2]

Core Insights - A deal to take over Goldman Sachs's role in the Apple program is anticipated to be announced soon after more than a year of negotiations [1] Company Summary - Goldman Sachs is expected to relinquish its role in the Apple program, indicating a significant shift in the partnership dynamics between the two companies [1] Industry Summary - The anticipated announcement reflects ongoing changes in the financial services landscape, particularly in how major tech companies like Apple engage with banking institutions [1]

Core Insights - JPMorgan's blockchain division Kinexys and Digital Asset announced plans to natively deploy JPMorgan's USD-backed token JPM Coin (JPMD) on the privacy-focused and compliant Canton Network [1] - The integration is set to progress in phases starting in 2026, with initial focus on supporting the issuance, transfer, and near-instant redemption of JPM Coin on the Canton Network [1] - Kinexys aims to explore the integration of other digital payment products into the Canton Network, following the selection of Canton Network by DTCC for the tokenization of traditional financial assets [1]

JPMorgan Chase said on Wednesday it has appointed Sri Kosaraju as a global chair of investment banking to support the firm's healthcare industry vertical. ...