Wed Sep 18 03:03:01 UTC 2024: ## JPMorgan Chase in Talks to Replace Goldman Sachs as Apple’s Credit Card Partner
**New York, NY -** JPMorgan Chase is in talks with Apple to take over as the tech giant’s credit card partner, replacing Goldman Sachs, according to sources familiar with the matter. The discussions began earlier this year and have intensified in recent weeks, but any potential deal could still be months away.
The Wall Street Journal first reported the news. While Goldman Sachs declined to comment, Apple has not yet responded to inquiries.
The partnership between Goldman Sachs and Apple, which included credit cards and savings accounts, reportedly ended last year. Sources revealed in December that Goldman Sachs was facing a costly exit due to the partnership’s perceived risk and lack of profitability.
Goldman Sachs has since refocused on its traditional strengths, investment banking and trading, after its foray into consumer banking proved unsuccessful. The consumer business, championed by CEO David Solomon, has incurred billions of dollars in losses.
The Apple credit card, launched in 2019, was a key part of Goldman Sachs’ retail strategy. To increase revenue, the companies issued cards to customers with lower credit scores, leading to larger provisions for bad loans and higher losses for Goldman Sachs’ consumer business.
Goldman Sachs is also exiting a credit card partnership with General Motors.
Investors have welcomed the bank’s shift back to its Wall Street roots, contributing to a nearly 27% rise in Goldman Sachs’ stock price this year.
First Piper 