Overview
- Apple and Chase said the handoff will take about 24 months, with no immediate changes for cardholders and Mastercard remaining the payment network.
- JPMorgan expects to migrate roughly $20 billion in Apple Card balances to its retail platform, subject to regulatory approvals.
- People familiar with the deal said Goldman is selling the portfolio at a discount of more than $1 billion, an uncommon outcome for co‑branded cards.
- JPMorgan disclosed an approximately $2.2 billion provision for credit losses tied to the forward purchase commitment of the portfolio.
- Goldman said it will release $2.48 billion of loan‑loss reserves and record a $2.26 billion revenue markdown, lifting its reported quarterly EPS by about $0.46.