JPMorgan in Talks to Take Over Apple Card from Goldman Sachs Amid Regulatory Scrutiny

JPMorgan Chase & Co. is negotiating to assume control of the Apple Card program from Goldman Sachs Group Inc., according to people familiar with the matter. The discussions, still ongoing, would mark a significant shift in the fintech partnership that began in 2019 as Goldman's ambitious consumer banking play.

Goldman has faced mounting challenges with the Apple Card, including technical issues, regulatory penalties, and allegations of algorithmic bias in credit decisions. The Consumer Financial Protection Bureau levied an $89 million fine against both companies in late 2024 for misleading customers about interest-free payment plans and mishandling disputes.

With competitors like American Express, Synchrony, and Barclays no longer in contention, JPMorgan emerges as the frontrunner to take over the portfolio. The MOVE comes as Goldman seeks to retreat from its ill-fated consumer banking experiment, which strained its balance sheet through rapid growth and required substantial loan loss reserves.