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Goldman Sachs to Sell Apple Card Portfolio to JPMorgan, Ending Consumer Banking Push

The deal marks the conclusion of Goldman Sachs’ consumer lending venture, which included the Apple Card partnership launched in collaboration with Apple.

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Terms & Concepts
  • Apple Card: A credit card developed by Apple in partnership with Goldman Sachs, integrated with Apple Pay for mobile payments.
  • Consumer banking: Retail financial services offered to individual customers, including credit cards, loans, and savings accounts.
  • JPMorgan Chase: A major U.S. financial institution involved in investment banking, asset management, and consumer banking services.