Apple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs , a person with knowledge of the negotiations said.
But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.
There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.
JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.
Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by the Wall Street Journal.
Persons:
JPMorgan Chase, Goldman Sachs, Goldman, Nilson
Organizations:
Apple, JPMorgan, Apple Card, Wall Street
Locations:
U.S