JPMorgan Chase is in advanced talks to replace Goldman Sachs as Apple’s credit card partner

JPMorgan Chase (JPM) is in advanced discussions to take over Apple’s (AAPL) credit card program from Goldman Sachs, according to a report by the Wall Street Journal on Tuesday, which cited sources familiar with the matter.

Talks between the country’s largest bank and the tech giant reportedly began last year, as Goldman looked to unwind a partnership that was once a key part of its push into consumer banking. Neither JPMorgan nor Goldman (GS) commented on the report, and Apple has not yet responded to a request for comment from Reuters.

If finalized, the deal would deepen JPMorgan’s footprint in the credit card industry and mark another major win for CEO Jamie Dimon, who has expanded the bank’s reach across both retail and investment banking. A top U.S. credit card issuer, JPMorgan competes with firms like American Express and Capital One. Apple’s card, launched in 2019 with Goldman, offered features like no fees and cashback, but Goldman’s broader struggles in consumer banking have led it to reconsider the arrangement.

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