JPMorgan Chase, already the largest credit card issuer in the U.S., is nearing a deal to take over the Apple Card portfolio from Goldman Sachs, people familiar with the matter told CNBC.
The banks declined to comment to CNBC. Apple didn’t immediately return request for comment.
Negotiations between JPMorgan and Apple have progressed as earlier contenders for the card including American Express, Synchrony and Barclays have fallen to the side, said the people, who declined to be identified speaking about the agreement.
A deal for JPMorgan to take over the Apple Card and its huge book of loans would further burnish the bank’s reputation as a leader in American finance. With its stable of JPMorgan-branded and co-branded cards, the company is the country’s largest issuer by purchase volume.
The Wall Street Journal first reported on the advanced talks.
This story is developing. Please check back for updates.
