JPMorgan nears deal to take over Apple’s credit card programme: Report

JPMorgan Chase is in advanced talks to take over Apple’s credit card programme from Goldman Sachs, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Talks 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.

JPMorgan and Goldman declined to comment on the WSJ report, while Apple did not immediately respond to a Reuters request for 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.

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.

Launched in 2019 with Goldman, the Apple card offered perks such as no fees and cashback, but the bank’s struggles in consumer banking prompted a rethink of the partnership.

Since then, Goldman has pivoted to its traditional mainstays of investment banking and trading.

Barclays and Synchrony Financial have also discussed partnering with Apple for the credit card, Reuters reported in January.