JPMorgan (JPM.US) May Replace Goldman Sachs (GS.US) as Issuer of Apple (AAPL.US) Credit Cards

We have learned from informed sources that JPMorgan (JPM.US) is in deep negotiations to replace Goldman Sachs (GS.US) as the issuer of Apple (AAPL.US) credit cards.

Insiders claim that these banks and tech giants are speeding up talks on asset transfers. No agreement has been reached yet.

Goldman Sachs has long sought to distance itself from its partnership with Apple, which has been plagued by problems since its launch in 2019. These issues include allegations of bias in the use of computer models to determine credit card recipients. The Wall Street giant had once boldly ventured into consumer banking but ultimately failed, losing tens of billions of dollars.

Over the past two years, Goldman Sachs has faced difficulties when selling off these investment portfolios due to poor credit quality among its clients. According to reports, Apple has previously held talks with other potential partners, including Synchrony Financial (SYF.US) and First Capital Credit (COF.US).