JPMorgan Chase in negotiations with Apple for credit card partnership
Apple is currently in talks with JPMorgan Chase to potentially take over its credit card program from Goldman Sachs. The discussions are still in the early stages, with key details such as pricing and feature continuation yet to be finalized.
Goldman Sachs decided to pivot from its retail banking strategy, prompting Apple to explore other options for its credit card program. JPMorgan, as the largest credit card issuer in the country, is seen as a suitable candidate to take over the program.
JPMorgan is looking to acquire the approximately $17 billion in loans on the Apple Card at a discounted rate due to elevated losses on the cards. The bank is also aiming to eliminate the calendar-based billing feature that Apple Card currently offers, as it results in an influx of customer service calls at the start of each month.
Both Apple and JPMorgan have declined to comment on the ongoing negotiations. The potential deal highlights the challenges faced by Apple following Goldman Sachs’ decision to shift its banking strategy.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.