Apple says JPMorgan will issue Apple Card, replacing Goldman, with an expected two-year transition; sources: Goldman is offloading ~$20B in outstanding balances
Goldman Sachs is offloading the credit-card balances at a more than $1 billion discount — JPMorgan Chase has reached a deal …
Wall Street Journal
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Discussion
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@aandriotis
AnnaMaria Andriotis
on x
WSJ first reported that Goldman was looking to offload the Apple credit card program in 2023. Now, a deal with JPMorgan has been reached — with the roughly $20 billion of card balances going for more than a $1 billion discount, sources say. As reported with @ginaheeb first
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@zachklein
Zach Klein
on x
How did this happen? It seems that surely the thesis of the Apple Card must have been the opposite, to gain exposure to a pool with disproportionately lower ratio of subprime borrowers. https://www.wsj.com/... [image]
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@iphoneincanada
@iphoneincanada
on x
Apple Card Gets a New Bank and Canada Still Gets Nothing https://www.iphoneincanada.ca/ ... [image]
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@snazzylabs
Quinn Nelson
on x
I'll be completely honest: this has been such an open rumor for so long I thought it happened like a year ago
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@tatchero
@tatchero
on x
@theapplehub Goldman Sachs basically paid to get rid of this. Reports show the portfolio had such high delinquency rates and subprime exposure that Goldman sold the $20B balance at a massive discount just to exit.
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@fttechnews
@fttechnews
on x
JPMorgan to take over Apple's $20bn credit card portfolio from Goldman Sachs https://www.ft.com/...
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@matthewkeyslive
Matthew Keys
on x
Apple Card will transfer from Goldman Sachs to Chase, a bank with a history of cancelling accounts for questionable reasons. [WSJ] https://www.wsj.com/...
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@pitdesi
Sheel Mohnot
on x
JPMorgan is taking over the Apple Card from GS, who is offloading about $20B of balances at a $1B+ discount. Notable that the two most successful credit card launches in recent memory were built on bad bank unit economics, with banks losing tons of money before exiting. [image]
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@aaronp613
Aaron
on x
Apple has published an FAQ about the transition https://learn.applecard.apple/ ...
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@paytondev
@paytondev
on x
@aaronp613 a whole lotta “additional details will be shared directly with Apple Card users as the transition date approaches”
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@bzamayo
Benjamin Mayo
on x
By the time the Chase Apple Card transition completes in 24 months, John Ternus as CEO will be old news and we'll be talking about iOS 30 rumours
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r/AppleCard
r
on reddit
JPMorgan Chase Reaches a Deal to Take Over the Apple Credit Card
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r/apple
r
on reddit
JPMorgan Chase Reaches a Deal to Take Over the Apple Credit Card
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r/apple
r
on reddit
Chase to become new issuer of Apple Card
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r/AppleCard
r
on reddit
JP Morgan finally confirmed to take over Apple card