JPMorgan Chase has reached an agreement to assume Apple’s credit-card programme from Goldman Sachs, marking the end of a high-profile partnership that had anchored Goldman’s consumer banking ambitions. Under the deal, JPMorgan will become the issuer of the Apple Card, one of the largest co-branded credit cards in the U.S., managing balances of approximately Rs 20 billion. The transition will be gradual, with JPMorgan issuing cards to both new and existing Apple Card users.

In addition to the credit card, JPMorgan plans to introduce a new Apple-branded savings account. Customers currently holding Apple savings accounts with Goldman Sachs will have the option to continue with Goldman or move their accounts to JPMorgan, reflecting a phased approach to the transition.

Goldman Sachs’ exit underscores the financial and strategic challenges of its consumer banking push. The bank is expected to sell roughly Rs 20 billion in outstanding Apple Card balances at a discount exceeding Rs 1 billion, highlighting the losses incurred from the programme. Since its 2019 launch, the Apple Card was intended to expand Goldman beyond its traditional Wall Street focus, but ongoing operational hurdles, regulatory pressure, and sustained losses prompted a reassessment.

For JPMorgan, the deal represents an opportunity to strengthen its already dominant presence in the U.S. credit-card market and gain deeper integration into Apple’s ecosystem, a space where Goldman struggled to achieve sustainable returns. Discussions reportedly began in 2024, with other institutions like Barclays and Synchrony Financial considered but ultimately JPMorgan emerged as Apple’s preferred partner.

The move gives JPMorgan access to a large base of affluent customers while consolidating its position as a major player in co-branded consumer financial services.