Apple-Goldman Sachs Credit Card Partnership Comes to an End, JPMorgan Chase Emerges as Potential New Collaborator

The credit card collaboration between Apple and Goldman Sachs is on the verge of concluding, with Mark Gurman suggesting that JPMorgan Chase could emerge as an ideal new partner. Despite the initial success of their collaboration, internal engineering issues and external complaints have significantly impacted Goldman Sachs's finances, resulting in a multi-billion-dollar deficit for the Apple Card. Goldman Sachs is actively streamlining its consumer business, and Apple has presented an early exit agreement, potentially bringing their partnership to a close within the next year.

With the termination of the Apple-Goldman Sachs collaboration, Apple is in search of a new partner. Despite uncertainties about the success of new products, the Apple Card remains a valuable venture with millions of users and over $10 billion in savings account deposits. JPMorgan Chase stands out as a potential new partner, having already established critical ties with Apple, handling various operations and providing a credit card network that aligns with the Apple Card. Furthermore, JPMorgan Chase boasts a robust debit card network, capable of supporting the transfer of Apple Cash debit cards. While there are some differences in savings account offerings, a viable solution involves selling deposits and distributing them among banks willing to provide the same interest rate, ensuring minimal impact on users.