Summary of Recent Developments for AAPL (Apple Inc.)
On January 9, 2026, it was reported that Apple Inc. (NASDAQ: AAPL) has made a significant change in its consumer finance strategy by selecting JPMorgan Chase (NYSE: JPM) as the new issuer of the Apple Card. This decision marks the end of Goldman Sachs' (NYSE: GS) involvement with the Apple Card, a partnership that began in 2019.
Key Details of the Transition
- New Issuer: JPMorgan Chase will take over the Apple Card, which is expected to bring over $20 billion in Apple Card balances onto its platform once the transition is finalized.
- Regulatory Approval: The transaction is subject to regulatory approvals and is anticipated to close in approximately two years.
- Payment Network: Mastercard (NYSE: MA) will continue to serve as the payment network for the Apple Card.
Implications for JPMorgan Chase
This deal significantly enhances JPMorgan's position in the competitive U.S. credit card market and is seen as a strategic win for CEO Jamie Dimon. The bank has indicated that it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the Apple Card loan portfolio.
Impact on Goldman Sachs
For Goldman Sachs, this transition represents a continued retreat from its consumer banking ambitions, which have faced challenges and losses in recent years. The bank had previously announced plans to end its partnership with Apple due to difficulties in achieving sustainable returns from the Apple Card.
Goldman Sachs anticipates that this transaction will positively impact its earnings by adding approximately 46 cents per share in the fourth quarter of 2025, primarily due to the release of $2.48 billion in loan-loss reserves. However, this benefit will be partially offset by a $2.26 billion reduction in net revenue associated with the loan portfolio markdown and other related costs.
Conclusion
The shift in the Apple Card issuer from Goldman Sachs to JPMorgan Chase is a pivotal moment for Apple Inc. as it seeks to strengthen its financial services offerings. This change not only reshapes the consumer finance landscape for Apple but also highlights the ongoing evolution of partnerships in the banking sector.