JPMorgan (JPM) is in talks with Apple (AAPL) about taking over its credit card program, The Wall Street Journal’s AnnaMaria Andriotis and Alexander Saeedy report. Apple and Goldman Sachs (GS), the current issuer of the card, decided to part ways last year on their partnership, which includes credit cards and savings accounts. Discussions with JPMorgan started earlier this year and have advanced in recent weeks, though a deal could still be months away, people familiar with the matter say, adding that Apple has also spoken with Synchrony (SYF) and Capital One (COF) to gauge their interest in taking over the credit card program. The team at JPMorgan negotiating the deal wants to pay less than the full face value of the roughly $17B in outstanding balances in the Apple credit card program, the people say.
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