Nearing deal to replace Goldman Sachs as issuer

JPMorgan ChaseAlready the largest credit card exporter in the USA, Apple card Portfolio Goldman SachsPeople familiar with the issue told CNBC.

Banks refused to comment on CNBC. Apple I did not return the request for a comment immediately.

The negotiations between JPMorgan and Apple progressed as previous contestants for the card. American Express– Simultaneous And Barclar He said he fell with people who refused to talk about the agreement.

An agreement to take over JPMorgan’s Apple card and the Big Credit Book will look for the bank’s reputation as a leader in American financing. With JPMorgan branded and joint branded cards, the company, led by Jamie Dimon, is the country’s largest exporter through purchasing. volume.

For Goldman, the Apple Card emptying the business will help to pass through a rocky section for CEO David Solomon. In 2019, Goldman defeated other exporters for the Apple card and entered his credit card business with Great Fanfare.

However, when the high growth rates of the card were combined with accounting requirements that forced them from front to load reserves for future losses, Goldman caught Goldman straight. According to one of the sources, Solomon, who faced pressure from unhappy partners about the consumer business, called on the card business from a concern that loan losses would rise in stagnation.

At the end of March, Goldman had a total credit card loan $ 20.5 billion. The bank is also in the process of moving. General motors Card work for Barclays.

For Apple, Chase would stabilize years later marked with high growth, and at the same time, Goldman would bring a regulatory investigation as to how he deals with billing and reimbursement in the workplace.

Wall Street Journal first notified In advanced interviews.

This story is developing. Please check again for updates.