In a landmark move in the U.S. financial sector, JPMorgan Chase (JPM) and Apple Inc. (AAPL) announced on January 7, 2026, a strategic partnership that will see JPMorgan Chase become the new issuer of the Apple Card, taking over from Goldman Sachs (GS). This transition marks a significant expansion for JPMorgan’s credit card portfolio and a reshaping of the Apple Card’s future in the consumer finance landscape.

JPMorgan Chase Strengthens Its Credit Card Franchise

Under the leadership of CEO Jamie Dimon, JPMorgan Chase has grown to become one of the largest forces in retail and investment banking in the United States. By taking over the Apple Card, the bank is set to further solidify its position in the credit card market. The deal is expected to bring over $20 billion in credit card balances to JPMorgan’s platform, reflecting the scale and potential profitability of this acquisition.

“This partnership enhances JPMorgan’s credit card capabilities and strengthens our long-term consumer banking strategy,” said industry analysts. The deal aligns with the bank’s continued expansion in high-value credit card portfolios and customer-focused financial products.

Financial Implications and Regulatory Approvals

JPMorgan Chase will record a $2.2 billion provision for credit losses in Q4 2025, linked to the forward purchase commitment of Apple Card’s portfolio. The agreement is pending regulatory approvals and is not expected to fully close for approximately two years.

Mastercard will continue as the payment network for the Apple Card, ensuring continuity for existing cardholders and maintaining seamless transactional services.

Goldman Sachs Steps Back from Consumer Banking

For Goldman Sachs, this transition represents another step in the bank’s strategy to narrow its focus in the consumer banking sector. CEO David Solomon commented, “This transaction substantially completes the narrowing of our focus in our consumer business.”

The Apple-Goldman partnership, which began in 2019, offered customers a credit card with perks like no fees and cashback rewards. However, Goldman’s struggles in the consumer banking space led to the decision to unwind the collaboration, culminating in the Apple-Goldman partnership ending in 2023.

Financial Impact on Goldman Sachs

The transition is projected to positively affect Goldman Sachs’ Q4 2025 earnings. Analysts estimate an addition of 46 cents per share, primarily driven by the release of $2.48 billion in loan-loss reserves. However, this gain will be partially offset by a $2.26 billion impact on net revenue, including markdowns on the loan portfolio, contract termination costs, and an additional $38 million in related expenses.

A Strategic Move for Apple

Apple’s decision to switch the Apple Card issuer to JPMorgan underscores the tech giant’s commitment to enhancing its financial services ecosystem. By partnering with the largest U.S. bank, Apple ensures stability, scalability, and improved customer experiences for Apple Card users.

Upcoming Earnings Reports

JPMorgan Chase will kick off the U.S. banking earnings season on January 13, 2026, with Goldman Sachs following on January 15, 2026. These reports will provide insights into how this major shift affects both institutions’ financial health and market positioning.

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Key Takeaways

• JPMorgan Chase replaces Goldman Sachs as the Apple Card issuer.
• Over $20 billion in card balances will transition to JPMorgan’s platform.
• The deal will enhance JPMorgan’s credit card portfolio and consumer banking reach.
• Goldman Sachs exits a major consumer banking partnership.
• Apple Card users will continue to use Mastercard as the payment network.
• Regulatory approvals are required, with the deal expected to close in two years.