JPMorgan Chase (JPM) reaches a deal to take over the Apple (AAPL) credit card, WSJ reports
Newsquawk Staff ·
- Goldman Sachs is expected to offload the roughly USD 20bln of outstanding card balances at a more than USD 1bln discount.
What it means
JPMorgan's acquisition of Apple's credit card business signals a significant shift in credit card partnerships, moving away from Goldman Sachs, which will offload a substantial balance at a discount. This move could enhance JPM's portfolio diversification and market share in consumer finance, while presenting a tactical challenge for Goldman Sachs as it grapples with asset management issues that could impact its stock performance.
Sources
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