CUPERTINO, California: Apple has chosen JPMorgan Chase as the next issuer of its Apple Card, ending Goldman Sachs' role in the partnership and handing the business to the largest U.S. bank in a move that reshapes the credit card landscape.

JPMorgan Chase and Apple said on Wednesday that they had struck a deal under which JPMorgan will take over as issuer of the Apple Card, replacing Goldman Sachs. The agreement further expands JPMorgan's already vast credit card franchise and adds another high-profile partnership under CEO Jamie Dimon.

Once completed, the transaction is expected to bring more than US$20 billion in Apple Card balances onto JPMorgan's platform, the companies said. JPMorgan also said it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the portfolio's forward purchase commitment.

The deal, which remains subject to regulatory approvals, is not expected to close for roughly two years. Mastercard will continue to serve as the payment network for the Apple Card.

For Goldman Sachs, the move marks another step away from its once-ambitious push into consumer banking.

"This transaction substantially completes the narrowing of our focus in our consumer business," Chief Executive David Solomon said.

Goldman said the transaction is expected to add about 46 cents per share to its fourth-quarter 2025 earnings. That boost will come from the release of $2.48 billion in loan-loss reserves, partially offset by a $2.26 billion hit to net revenue tied to marking down the loan portfolio and contract termination costs, along with $38 million in expenses.

Apple and Goldman first announced plans to end their partnership in 2023, after the bank reassessed its consumer strategy. Talks between Apple and JPMorgan began in 2024 as Goldman sought to unwind the relationship, which had once been positioned as a cornerstone of its consumer banking ambitions.

The Apple Card was launched in 2019 with Goldman as the issuer, offering features such as no fees and cashback rewards. However, Goldman's broader struggles in consumer banking led it to scale back those ambitions and ultimately exit the partnership.

The shift gives JPMorgan another boost as it continues to dominate U.S. retail banking and credit cards, while Goldman further refocuses on its core strengths in investment banking and asset management. JPMorgan Chase is set to kick off earnings season for central U.S. banks on January 13, with Goldman Sachs reporting results on January 15.