NEW YORK–JPMorgan Chase is in advanced talks to take over Apple’s credit card program from Goldman Sachs, according to a new report.
Discussions between the largest U.S. bank and the tech giant began last year, as Goldman sought to unwind a partnership that had once been a “cornerstone of its consumer banking strategy,” the Wall Street Journal reported, adding that JPMorgan, Goldman and Apple all declined to comment.
“The deal would further entrench JPMorgan in the credit card business and add to a string of victories for CEO Jamie Dimon, who has built the bank into a dominant force across retail banking and Wall Street businesses,” said Reuters in its analysis. The bank is among the top credit card issuers in the United States, and competes closely with rivals such as American Express and Capital One.”
Early Concerns from CUs
The Apple card was launched in 2019 with Goldman, and was subject to much discussion in credit unions concerned over losing wallet share. The card offered perks such as no fees and cashback, but Goldman’s struggles in retail banking led to a reevaluation of the partnership.
Barclays and Synchrony Financial have also discussed partnering with Apple for the credit card, Reuters reported.
