Apple looks to ditch Goldman Sachs for big bank | Global Market News
Per the Wall Street Journal, Apple (AAPL) and JPMorgan (JPM) are reportedly approaching a deal that will see a marriage between the patron tech giant and America’s largest bank.At the core of the negotiations, which have been murmured about for years, is the Apple Card. The credit card, which launched in Aug. 2019, has been issued and managed by Goldman Sachs (GS) . The card was the crown jewel of the investment bank’s foray into client banking.However, regardless of its Wall Street status, the bank’s Main Street misadventures have befuddled buyers. After spending billions on the acquisitions of the GM Credit Card and lender Greensky, the company saddled huge losses, as charge-offs from loans and credit exceeded industry commonplace. It reported $1.34 billion in loan loss provisions in 2024, a 31% rise year-over-year.As a end result, Goldman has been in search of an out. Thus far, it has wound down appreciable parts of its client bank, Marcus. It has bought souring loan portfolio to third events at appreciable loss. The Apple Card has been seen as essentially the most troublesome product to pawn off, notably given Goldman’s poor status for underwriting.The phrases of a deal between the events are nonetheless not ultimate. This story is breaking news and can be up to date as data turns into accessible.
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