Apple Taps JPMorgan to Replace Goldman Sachs on Apple Card

Apple has selected JPMorgan to replace Goldman Sachs as the banking partner for Apple Card, with Mastercard remaining as the card network. The transition marks a significant shift in one of the most prominent fintech-bank partnerships.

Goldman Sachs' exit from Apple Card followed heavy losses in its consumer banking venture, with the bank reportedly losing billions on the partnership. JPMorgan brings deep expertise in credit card operations and a massive existing card portfolio.

The switch to JPMorgan is expected to provide Apple Card with more robust infrastructure and risk management capabilities, while giving JPMorgan access to Apple's enormous customer base and the growing volume of transactions processed through Apple's ecosystem.