JPMorgan Chase in Talks to Replace Goldman Sachs with Apple
JPMorgan Chase may become Apple’s new credit-card partner, potentially replacing Goldman Sachs, according to sources familiar with the discussions.
JPMorgan Chase (JPM.N) is reportedly engaged in discussions with Apple (AAPL.O) regarding the potential replacement of Goldman Sachs (GS.N) as the tech behemoth's credit-card partner, according to a source familiar with the ongoing negotiations. These talks, which commenced earlier this year, have reportedly gained momentum in recent weeks; however, any prospective agreement may still be several months away, as indicated by the source, who requested anonymity due to the confidential nature of the discussions.
The credit card, which debuted in 2019, was emblematic of Goldman's retail strategy. In a bid to enhance revenue, Apple and Goldman extended credit cards to customers with lower credit scores, as reported by a source last year. The card boasted attractive features such as "no fees" and cashback rewards. However, Goldman was compelled to allocate larger reserves for potential loan defaults, resulting in increased paper losses within its consumer division. Furthermore, Goldman is also in the process of exiting a credit-card partnership with General Motors (GM.N). Earlier this month, Solomon dismissed suggestions that the bank's premature departure from the GM partnership was tumultuous, asserting that the bank had anticipated the associated challenges.
Despite these setbacks, investors have shown support for Goldman's strategic pivot back to its Wall Street operations, with the bank's stock appreciating nearly 27% thus far this year.
JPMorgan Chase in Talks to Replace Goldman Sachs with Apple
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