JPMorgan Chase to take over Apple Card business from Goldman Sachs

NEW YORK – JPMorgan Chase has reached a deal to take over Apple’s credit card business from Goldman Sachs, both banks confirmed Wednesday. The agreement follows a year of negotiations between the financial giants.

JPMorgan will acquire a credit card portfolio valued at more than $20 billion from Goldman Sachs. The transition is expected to take approximately 24 months to complete.

In a statement, JPMorgan said it will record a $2.2 billion credit loss provision when it reports fourth-quarter 2025 earnings next week.

Apple Card customers will retain their existing benefits, and the card will continue to operate on the Mastercard network. Jennifer Bailey, the Apple executive overseeing payment services, expressed support for the new partnership.

The sale allows Goldman Sachs to finalize its exit from the consumer finance sector, a retreat that began in 2022. CEO David Solomon said the transaction significantly narrows the bank's strategic focus.

Goldman Sachs expects the deal to increase its earnings by 46 cents per share.

The transfer of the Apple Card portfolio marks the definitive end of Goldman Sachs’ ambitious, yet ultimately ill-fated, foray into consumer banking. While the 2019 launch was initially hailed as a disruptive force in the industry, the partnership exposed the profound structural challenges of an investment bank attempting to scale in a retail market dominated by entrenched incumbents. Goldman’s struggle to manage high-volume consumer accounts—a sharp departure from its core competencies—resulted in significant operational friction and mounting losses.

For JPMorgan Chase, the acquisition is a clear play for market consolidation. As the largest credit card issuer in the United States, absorbing Apple’s portfolio allows JPMorgan to capture a tech-savvy, high-earning demographic with high efficiency. This move enables the bank to bypass the typical costs and risks associated with organic customer acquisition. While the $2.2 billion provision for credit losses highlights a sober awareness of the underlying risks, it is a calculated premium paid to secure a strategic, high-quality asset.

From Apple’s perspective, the pivot to JPMorgan represents a flight to stability and scale. By aligning with a financial institution that possesses deep retail infrastructure and proven experience, Apple is prioritizing reliability over the experimental volatility of the Goldman era. The transition underscores a shift in Apple’s financial services strategy: ensuring a seamless, institutional-grade user experience rather than navigating the growing pains of an untested partner.

The direct impact on the Vietnamese-American community is expected to be minimal. Whether you’re tapping your phone at a phở restaurant in Little Saigon, managing overhead for a nail salon, or using the card to facilitate remittances, the transition to a new service provider over the next 24 months should be seamless. Your current benefits and card functionality are expected to remain unchanged, ensuring no disruption to your daily financial habits.