JPMorgan Chase and Apple have announced a deal for the bank to become the new issuer of the Apple Card, replacing Goldman Sachs. This move further expands JPMorgan, the largest U.S. bank, in the credit card market and is estimated to bring over $20 billion in card balances to Chase’s platform upon completion. JPMorgan Chase is a global financial services firm and a major player in investment banking, financial services, asset and wealth management. Apple is a technology company known for its iPhones, iPads, Mac computers and other products.
The deal, subject to regulatory approvals, is not expected to close for approximately two years. Mastercard will remain the payment network for the Apple Card. JPMorgan expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment of the portfolio.
For Goldman Sachs, this transition marks a significant step in unwinding its consumer banking ambitions. Chief Executive David Solomon noted that the transaction substantially completes the narrowing of their focus in the consumer business. Goldman Sachs is a leading global investment banking, securities and investment management firm. The exit from the Apple Card partnership will have a mixed impact on Goldman’s financials.
The transaction is expected to add roughly 46 cents per share to Goldman’s fourth-quarter 2025 earnings, driven by the release of $2.48 billion in loan-loss reserves. However, this will be partially offset by a $2.26 billion hit to net revenue due to marking down the loan portfolio and contract termination costs, along with $38 million in expenses. JPMorgan Chase is scheduled to report earnings on January 13, with Goldman Sachs following on January 15.
