JPM to Take Over Apple Card, Plans to Record a $2.2B Provision in Q4

Key Takeaways JPMorgan will acquire the Apple Card portfolio, totaling over $20B in card balances.The transition is expected to take ~24 months, pending regulatory approvals.The deal strengthens JPM's co-brand card business and deepens its Apple partnership. JPMorgan Chase & Co. (JPM) and Apple Inc. (AAPL) recently announced that JPM will become the new issuer of Apple Card, replacing Goldman Sachs (GS) . The transition is expected to be completed in approximately 24 months, subject to customary regulatory ...