After years of Goldman Sachs seeking an exit, a deal may finally be done to transfer Apple Card and Apple Savings to JPMorgan Chase.
It was clear in 2023 that Goldman Sachs would exit the consumer credit game, abandoning its Apple Card partnership with it. However, it has taken 26 months to reach a point where it can finally hand over issuing control to another bank.
According to a report from The Wall Street Journal, a deal has been reached with JPMorgan Chase to take over, at least according to anonymous sources. It took over a year to reach this deal, and could be announced officially at any time.
Goldman Sachs is reportedly expected to hand over the $20 billion of outstanding balances at a $1 billion discount. Such discounts are rare, and allegedly reflect the higher-than-average delinquency rate found with Apple Card holders.
JPMorgan will have to issue new Apple Cards to existing users, but it may be some time before that is done. A new Apple Savings will be opened by JPMorgan as well, but users will be given the option to move or stay.
Goldman Sachs wasn't well suited to support Apple Card consumer lending
Goldman Sachs partnered with Apple in 2019 to launch the Apple Card. While the card gained popularity among Apple customers, Goldman Sachs was bleeding cash from the deal.
The company reportedly lost $1.2 billion in 2022 because of Apple Card. The unit that hosted Apple Card, the platform solutions unit, posted an $859 million net loss in 2024.
In October 2024, the Consumer Financial Protection Bureau (CFPB) fined Goldman Sachs more than $90 million for missteps related to the Apple Card. The agency scrutinized Goldman Sachs for billing errors, dispute resolution, and compliance with the Fair Credit Billing Act.
The CFPB found Goldman Sachs struggled to meet regulatory consumer credit standards. This is all despite its reputation as a global investment bank known for its expertise in financial services — just not consumer-level credit cards prior to Apple Card.
These challenges led Goldman Sachs to explore an early exit from the partnership. By 2023, Goldman Sachs began informal discussions about transferring its role as the Apple Card issuer. At the time, JPMorgan Chase emerged as a potential replacement, but those discussions bore no fruit at the time.
In January 2025, Goldman Sachs CEO David Solomon said in an earnings call that the deal with Apple may end before the bank's contractual obligation to support Apple Card through 2030.
"We have a contract with Apple to run that partnership until 2030, although there's some possibility that it won't continue until that time frame," Solomon said during the January 15 earnings call.
Talks after that remark originally had previous partners Barclays and Synchrony Financial associated with the takeover. It wasn't until June 2025 that JPMorgan was the frontrunner for the deal.
