Feng Huang Wang·2026-01-07 23:18Core 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]