JPMorgan ChaseAlready the biggest credit card issuer in the US is to handle a deal Apple card Portfolio from Goldman SachsPeople familiar with the matter told CNBC.
Banks refused to comment to CNBC. Apple Did not immediately respond to a request for the comment.
The conversation between JP Morgan and Apple has proceeded as earlier contenders for the card American Express, Synchrony And Barcalage Fall on the side, people said, who refused to speak about the agreement.
A deal for JP Morgan will further burn the bank’s reputation as a leader in the US finance to handle the Apple Card and the huge book of its loan. With JP Morgan-branded and co-branded cards being stable, Jamie is the largest issuer in the country from the purchase of Dimon-led company Volume,
For Goldman, by launching the Apple Card business, it will help pursue a rocky chapter for CEO David Solomon. Goldman enters credit card business Great pomp In 2019 by defeating other issuers for Apple Card.
But the high growth rate of the card, in collaboration with accounting requirements, who forced it to store front-load for future damage, caught Goldman FlattenedSolomon, who was facing pressure from unhappy partners about the consumer business, would partially call the card business to exclude from the concern that according to one source, the deficiency of the loan would increase in the recession.
At the end of March, Goldman had $ 20.5 billion in the total credit card loan. The bank is also in the process of transferring it General Motors Card business for Barclays.
For Apple, jpmorgan will bring stability after years marked by high development, but also Regulatory inquiry How Goldman handled Billing and refund in business. Goldman signed up to serve the card at least 2029.
JPMorgan is seen as more disciplined than Goldmann that it will only sign an agreement if concessions are made on how the Apple card is Serving, Among other glued points, one of the people familiar with the discussions said.
The Wall Street Journal Reported earlier On advanced card talks.
