JPMorgan to take over Apple credit card from Goldman Sachs

Core Viewpoint - JPMorgan Chase is set to acquire the Apple credit card portfolio from Goldman Sachs, transferring over $20 billion in card balances to JPMorgan's platform, with the deal expected to take about 24 months to complete and pending regulatory approvals [1][2]. Group 1: Transaction Details - The transaction will involve a $2.2 billion provision for credit losses that JPMorgan plans to record when reporting its fourth-quarter 2025 earnings [1]. - Goldman Sachs will see an increase in earnings by 46 cents per share as a result of this transaction [3]. Group 2: Customer Impact - Apple Card customers will retain existing features and rewards, and the card will continue to operate on Mastercard's network [2][3]. Group 3: Strategic Implications - The deal marks the end of Goldman Sachs' venture into consumer lending, as both Goldman and Apple had previously announced plans to wind down their partnership [3]. - JPMorgan's CEO of Card & Connected Commerce expressed excitement about deepening the relationship with Apple and the potential for future innovations [2][4].