JPMorgan Chase is in talks to take over the Apple Card enterprise from Goldman Sachs, The Wall Road Journal reports.
Goldman has issued credit score for the Apple Card since its launch in 2019, however the Wall Road and Silicon Valley giants have been attempting to untie their partnership since final 12 months. In 2023, Goldman determined to desert its push into shopper banking, together with the $17 billion Apple Card program, as a result of it was seen as a distraction from its core enterprise.
Goldman and Apple reportedly approached a number of lenders about turning into the bank card’s new backer, together with American Specific. A few of these offers have been held up as a result of Apple Card’s excessive loss price, which can trigger Goldman to promote the enterprise to JPMorgan for lower than its face worth.
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