JPMorgan Chase is close to acquiring the Apple Card portfolio from Goldman Sachs, according to people familiar with the matter. The deal would further cement JPMorgan’s reputation as a leader in US finance, and comes as the bank seeks to expand its credit card business.
Goldman Sachs had entered the credit card market in 2019, beating out other issuers for the Apple Card contract. However, high growth rates and accounting requirements led to significant losses, forcing Goldman to divest the business. The bank is now offloading the Apple Card portfolio as part of a broader effort to restructure its consumer business.
For JPMorgan, taking over the Apple Card would bring stability after years marked by rapid growth and regulatory scrutiny over billing and refunds. The bank has made concessions on service agreements, and its more disciplined approach is seen as key to the deal’s success. If completed, the acquisition would further bolster JPMorgan’s position as the largest US credit card issuer.
Source: https://www.cnbc.com/2025/07/29/jpmorgan-chase-apple-card-goldman-sachs-issuer.html