Jamie Dimon's Grip On US Credit Card Dominance Grows As JPMorgan Wins Apple Card Business From Goldman Sachs

Apple Inc. (NASDAQ:AAPL) has chosen JPMorgan Chase (NYSE:JPM) as the new issuer of the Apple Card, ending Goldman Sachs' (NYSE:GS) role in a move that significantly reshapes the consumer finance ambitions of all three companies.

JPMorgan Chase Takes Over Apple Card From Goldman Sachs

On Wednesday, JPMorgan Chase announced that it has reached an agreement with Apple to become the new issuer of the Apple Card, replacing Goldman Sachs.

The deal expands the largest U.S. bank's already massive credit card business and brings more than $20 billion in Apple Card balances onto Chase's platform once the transition is complete.

The transaction, which is subject to regulatory approvals, is not expected to close for roughly two years.

Mastercard (NYSE:MA) will continue to serve as the payment network for the Apple Card.

Another Strategic Win For JPMorgan CEO Jamie Dimon

The Apple Card deal further strengthens JPMorgan's position in the highly competitive U.S. credit card market and marks another milestone under CEO Jamie Dimon's leadership.

The bank said it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment of the Apple Card loan portfolio.

Goldman Sachs Continues Exit From Consumer Banking

For Goldman Sachs, the move represents another step in unwinding its consumer banking ambitions after years of losses and strategic pullbacks.

Goldman and Apple first announced in 2023 that they planned to end their partnership, which began in 2019 and was once central to Goldman's push beyond Wall Street.

The Apple Card, known for features such as no fees and cash-back rewards, struggled to deliver sustainable returns for Goldman as the bank faced higher costs and regulatory scrutiny in consumer lending.

Financial Impact On Goldman's Earnings

Goldman said the transaction is expected to add about 46 cents per share to its fourth-quarter 2025 earnings, largely due to the release of $2.48 billion in loan-loss reserves, reported Reuters.

That benefit will be partly offset by a $2.26 billion hit to net revenue tied to marking down the loan portfolio, contract termination costs, and $38 million in additional expenses.

JPMorgan Chase will kick off the banking sector's earnings season on Jan. 13, followed by Goldman Sachs on Jan. 15.

Price Action: Apple shares are down 0.0077% after-hours trading, JPM shares slipped 0.13% and Goldman Sachs gained 0.083% during the same period, according to Benzinga Pro.

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