Overview
- Apple has confirmed JPMorgan Chase will replace Goldman Sachs as Apple Card issuer, with a roughly 24‑month migration during which Apple says features will remain unchanged for customers.
- JPMorgan reported a 7% decline in Q4 2025 profit after booking a $2.2 billion charge for potential losses on about $20 billion in Apple Card balances, reducing earnings by 60 cents per share.
- A Wall Street Journal account describes Apple and Goldman’s partnership as an “unhappy marriage,” with Apple’s push to approve most applicants contributing to more than 30% of balances sitting below typical prime credit scores.
- Chase negotiated protections in its agreement, including the right to walk away before closing and safeguards if delinquencies rise, with reporting indicating a December 8 call between Jamie Dimon and David Solomon revived stalled talks.
- Reporting also says the portfolio is changing hands at roughly a 7% discount, implying a loss exceeding $1 billion for Goldman as it exits the program during the protracted handover.