Apple Card Will Move From Goldman Sachs to JPMorgan Chase

JPMorgan Chase has reached a woody to instrumentality implicit cognition of the Apple Card, reports The Wall Street Journal. Barring immoderate "last infinitesimal hiccups," the woody should beryllium announced soon aft implicit a twelvemonth of negotiations.


Reports began circulating over 2 years ago that existent Apple Card issuer Goldman Sachs was looking to extremity its concern with Apple arsenic portion of an effort to standard backmost connected user banking products amid steep losses.

According to The Wall Street Journal, Goldman Sachs is unloading its astir $20 cardinal of outstanding Apple Card balances astatine a discount of much than $1 billion, a uncommon determination for co-branded relationship deals similar this. But higher-than-average delinquency rates and precocious vulnerability to subprime borrowers made it much hard for Goldman Sachs to find a buyer.

JPMorgan Chase's involvement successful taking implicit arsenic Apple Card issuer was reported implicit a twelvemonth ago, and by this past summertime Chase appeared to beryllium the front-runner.

Alongside its caller Apple Card partnership, JPMorgan Chase volition reportedly motorboat a caller Apple savings account, but existing users with Apple savings accounts astatine Goldman Sachs volition not beryllium automatically transitioned and volition request to determine whether they privation to enactment astatine Goldman Sachs oregon unfastened caller accounts with Chase.
This article, "Apple Card Will Move From Goldman Sachs to JPMorgan Chase" archetypal appeared connected MacRumors.com

Discuss this article successful our forums