JPMorgan Chase reaches deal to become Apple credit card issuer, source says
CNBC • • general
Key Points:
- JPMorgan Chase has agreed to acquire the Apple credit card portfolio from Goldman Sachs, taking over approximately $20 billion in card loans after a year of negotiations.
- The deal expands JPMorgan's dominance in credit cards and retail banking, reinforcing its position as the largest U.S. credit card issuer by purchase volume.
- Goldman Sachs, which began shifting away from consumer finance in 2022, benefits by exiting a challenging credit card venture initiated in 2019 under CEO David Solomon.
- JPMorgan is acquiring the portfolio at a discount of over $1 billion due to a higher proportion of subprime and lower-credit borrowers, reflecting Apple’s desire to serve a broad range of iPhone users.
- In addition to the credit card
