JPMorgan to take over Apple credit card from Goldman Sachs

JPMorgan Chase has agreed to take over the Apple credit card portfolio from its current issuer, Goldman Sachs. The deal is expected to shift more than $20bn in card balances onto JPMorgan’s platform, according to the companies. JPMorgan said the transaction is likely to take about 24 months to complete and remains subject to regulatory approvals. The bank plans to record a $2.2bn provision for credit losses tied to the deal when it reports fourth-quarter 2025 earnings next week. Apple Card customers a ...