It appears that JPMorgan Chase is set to acquire the Apple Card and Apple Savings accounts from Goldman Sachs. This move comes as Goldman Sachs has decided to exit the consumer credit sector, ending its partnership with Apple. The transition, which has been in the works for approximately two years, signifies a major shift in the management of Apple's financial products.
The deal reportedly involves JPMorgan Chase taking over approximately $20 billion in outstanding balances from the Apple Card portfolio. Notably, Goldman Sachs is e xpected to offer these balances at a $1 billion discount. This substantial discount is rumoured to be a reflection of a higher-than-average delinquency rate among Apple Card users. Following the handover, JPMorgan Chase will be responsible for issuing new Apple Cards to existing customers, though the timeline for this reissue is not yet clear. Additionally, a new Apple Savings account will be established by JPMorgan, with current users having the choice to either transfer their funds or remain with their existing accounts.
This development marks a significant change for Apple's financial services offerings, as a new banking partner steps in to manage its credit card and savings products. The implications for cardholders will likely involve a transition period and potentially new terms and conditions under JPMorgan Chase's stewardship. The decision by Goldman Sachs to depart from consumer credit also signals a strategic refocusing of its business operations.
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