The agreement will significantly expand JPMorgan’s credit card business, bring billions in balances to Chase, and mark Goldman Sachs’ formal exit from consumer credit partnerships after years of reassessing its retail banking ambitions.
JPMorgan Chase and Apple have announced an agreement under which the US banking giant will become the new issuer of the Apple Card, ending Goldman Sachs’ role in the partnership. The transition is expected to strengthen JPMorgan’s already dominant credit card franchise while signalling a strategic reset for Goldman Sachs.
Once completed, the deal is estimated to transfer more than $20 billion in Apple Card balances onto JPMorgan’s Chase platform. The transaction, however, remains subject to regulatory approvals and is not expected to close for nearly two years. Mastercard will continue to serve as the payment network for the Apple Card, ensuring uninterrupted global acceptance for users.
Strategic boost for JPMorgan
The move further consolidates JPMorgan’s leadership in the US credit card market under CEO Jamie Dimon, whose tenure has seen the bank grow into a powerhouse across retail and investment banking. JPMorgan said it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025, linked to the forward purchase commitment of the Apple Card loan portfolio.
Despite the near-term financial impact, the long-term gains are expected to be significant, adding scale, premium customers, and a strong digital brand association to Chase’s card business. JPMorgan remains the largest US credit card issuer by purchase volume.
Goldman’s consumer banking retreat
For Goldman Sachs, the agreement represents another step away from its once-ambitious consumer banking strategy. The Apple Card, launched in 2019, was a cornerstone of Goldman’s push into mass-market financial services, offering features such as no fees, cashback rewards, and deep integration with Apple Pay.
However, mounting losses and operational challenges prompted a rethink. Goldman CEO David Solomon said the transaction largely completes the firm’s pullback from consumer-focused products. The bank expects the deal to add around 46 cents per share to its fourth-quarter 2025 earnings, driven by the release of loan-loss reserves, partially offset by portfolio markdowns and exit-related costs.
Goldman and Apple had announced plans to end their partnership in 2023, with JPMorgan emerging as a potential successor in talks that began in 2024.
The announcement comes ahead of the US banking earnings season, with JPMorgan set to report results on January 13, followed by Goldman Sachs on January 15.
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