JPMorgan Chase is negotiating to acquire the Apple Card business from Goldman Sachs, which has been looking to divest from consumer banking amid strategic shifts.
Goldman Sachs has been seeking to unwind its partnership with Apple since last year, citing distractions from the consumer banking sector as a reason.
In talks to replace Goldman Sachs, JPMorgan may acquire the Apple Card at a value less than its face value due to high loss rates.
Goldman Sachs had partnered with Apple to launch the Apple Card in 2019 but is now moving away from consumer banking entirely.
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