JPMorgan Chase has reached a deal to take over the Apple credit card from its original issuer, Goldman Sachs, according to a person with knowledge of the transaction.
The arrangement, to be announced publicly soon after a year of negotiations between the parties, means that a giant in credit cards and retail banking overall will grow even larger.
JPMorgan will take over roughly $20 billion in card loans from Goldman, which began to pivot away from consumer finance in 2022. In July, CNBC reported that talks between JPMorgan and Apple had progressed, with JPMorgan being the last bank standing after other interested issuers including American Express, Synchrony and Barclays exited.
JPMorgan and Goldman declined to comment.
The news was first reported by The Wall Street Journal.
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