JPMorgan Chase (JPM.N), and Apple (AAPL.O), on Wednesday announced a deal under which the bank will become the new issuer of the Apple Card, replacing Goldman Sachs (GS.N), further expanding the biggest U.S. bank’s credit card franchise.
The deal would cement JPMorgan’s position in the credit cards segment and mark another win for CEO Jamie Dimon, under whose leadership the bank has become a dominant force in retail and investment banking.
The move is estimated to bring over $20 billion in card balances to Chase’s platform once completed, the companies said.
JPMorgan expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to the forward purchase commitment of the portfolio.
The deal is subject to regulatory approvals and is not expected to close for roughly two years.
Mastercard will remain the payment network for Apple Card.
For Goldman, the exit marks another step in unwinding its consumer ambitions.
“This transaction substantially completes the narrowing of our focus in our consumer business,” Chief Executive David Solomon said.
The transaction is expected to add about 46 cents per share to Goldman’s fourth-quarter 2025 earnings, driven by the release of $2.48 billion in loan-loss reserves. That will be partly offset by a $2.26 billion hit to net revenue tied to marking down the loan portfolio and contract termination costs, as well as $38 million of expenses, Goldman Sachs said.
