JPMorgan in Negotiations with Apple Over Credit Card Partnership
JPMorgan Chase is negotiating with Apple to take over its credit card partnership from Goldman Sachs. The discussions started earlier this year but could take months to finalize. Goldman ended the previous partnership due to its risky and unprofitable nature.
JPMorgan Chase is currently in discussions with Apple to potentially replace Goldman Sachs as Apple's credit card partner, a source familiar with the matter disclosed on Tuesday.
These discussions, which began earlier this year, have made significant progress recently but a final agreement may still take several months.
Goldman Sachs and Apple had previously ended their credit card partnership last year due to unprofitability and high risk for Goldman.
This collaboration included credit cards and savings accounts, and faced significant challenges, causing Goldman to retune its focus back to its core investment banking and trading operations.
Additionally, Goldman Sachs is also terminating its credit card partnership with General Motors, while JPMorgan's engagement with Apple continues to evolve.