Apple Card (issuer transition)
Chase will replace Goldman Sachs as issuer in an expected transition of about 24 months, subject to regulatory approvals.
The numbers
What it is
Chase agreed to become the issuer of Apple Card, replacing Goldman Sachs Bank USA. Mastercard stays as the network, and existing card benefits continue during the transition.
Why it matters to the stock. The deal adds a large, high-profile card book to the consumer franchise. The transition timing, credit losses on acquired balances and the price paid for the portfolio decide whether it helps returns.
News
JPMorgan Q4 2025 net income $13.0B ($4.63 a share) after $2.2B Apple Card reserve
JPMorgan reported fourth-quarter 2025 net income of $13.0 billion, or $4.63 per diluted share.
JPMorgan Chase agrees to become issuer of Apple Card, replacing Goldman Sachs
Chase and Apple announced that Chase will become the new issuer of Apple Card, succeeding Goldman Sachs Bank USA, which is the current issuer.