Apple Card JPMorgan Chase Issuer Transition: Ending the Goldman Era
Apple has officially named JPMorgan Chase as the new issuer for Apple Card, replacing Goldman Sachs. The $20B portfolio transition is expected to take two years.
A $20 billion credit card portfolio is changing hands. Apple announced Wednesday evening that JPMorgan Chase will become the new issuer for Apple Card, effectively replacing Goldman Sachs. According to reports from The Verge, this move ends years of uncertainty as Goldman continues its retreat from the consumer lending space while Apple's service empire grows to unprecedented heights.
JPMorgan Chase: The New Backbone of Apple Card
The transition comes at a time when Apple's services business has evolved into a financial juggernaut. Quarterly revenue for the segment has skyrocketed from $11 billion during the card's launch in 2019 to more than $28 billion today. Partnering with the largest bank in the U.S. provides the stability and scale required to support this massive growth.
Why the Switch Matters
Goldman Sachs' exit isn't just about Apple; it reflects a broader industry shift where traditional investment banks are re-evaluating their foray into high-maintenance consumer credit. For JPMorgan Chase, absorbing the Apple Card user base offers a direct line to millions of tech-savvy, high-spending consumers.
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