JPMorgan Chase is talking with Apple about taking up the tech giant’s credit-card program from Goldman Sachs, the Wall Street Journal reported Tuesday.
Discussions began earlier this 12 months and have advanced in recent weeks, but a deal could still be months away, the report said, citing people acquainted with the matter.
Key details, including price, are still to be negotiated, based on the report.
Goldman Sachs declined to comment, while JPMorgan and Apple didn’t immediately reply to Reuters requests for comment.
Goldman and Apple reportedly pulled the plug on their bank card partnership last 12 months.
The Wall Street giant is facing a costly exit from the partnership that’s seen by other lenders as too dangerous and unprofitable, sources told Reuters in December last 12 months.
After its foray into consumer banking flopped, Goldman has refocused on its traditional mainstays – investment banking and trading. The patron business that CEO David Solomon championed has lost billions of dollars.
The cardboard, launched in 2019, was one in every of the hallmarks of Solomon’s consumer banking strategy. However the Wall Street titan, which usually deals with wealthy clients, had little experience with less affluent customers, analysts have said.
The 2 corporations granted cards to customers with lower credit scores in an try to boost revenue, a source told Reuters last 12 months.
The cardboard offered perks like “no fees” and cashback. But Goldman needed to put aside larger provisions for bad loans, resulting in higher paper losses for its consumer business.
Goldman can be exiting a credit-card partnership with automaker General Motors. Earlier this month, Solomon dismissed the notion that the bank’s early exit with GM was messy, saying the bank had anticipated the issues.
Investors have supported Goldman’s try to refocus on its Wall Street operations, pushing its fill up nearly 27% to this point this 12 months.
JPMorgan Chase is talking with Apple about taking up the tech giant’s credit-card program from Goldman Sachs, the Wall Street Journal reported Tuesday.
Discussions began earlier this 12 months and have advanced in recent weeks, but a deal could still be months away, the report said, citing people acquainted with the matter.
Key details, including price, are still to be negotiated, based on the report.
Goldman Sachs declined to comment, while JPMorgan and Apple didn’t immediately reply to Reuters requests for comment.
Goldman and Apple reportedly pulled the plug on their bank card partnership last 12 months.
The Wall Street giant is facing a costly exit from the partnership that’s seen by other lenders as too dangerous and unprofitable, sources told Reuters in December last 12 months.
After its foray into consumer banking flopped, Goldman has refocused on its traditional mainstays – investment banking and trading. The patron business that CEO David Solomon championed has lost billions of dollars.
The cardboard, launched in 2019, was one in every of the hallmarks of Solomon’s consumer banking strategy. However the Wall Street titan, which usually deals with wealthy clients, had little experience with less affluent customers, analysts have said.
The 2 corporations granted cards to customers with lower credit scores in an try to boost revenue, a source told Reuters last 12 months.
The cardboard offered perks like “no fees” and cashback. But Goldman needed to put aside larger provisions for bad loans, resulting in higher paper losses for its consumer business.
Goldman can be exiting a credit-card partnership with automaker General Motors. Earlier this month, Solomon dismissed the notion that the bank’s early exit with GM was messy, saying the bank had anticipated the issues.
Investors have supported Goldman’s try to refocus on its Wall Street operations, pushing its fill up nearly 27% to this point this 12 months.
