Aug. 20 at 2:18 PM
JPMorgan could regain the top spot in U.S. credit cards if it acquires Goldman Sachs’ $ 17B Apple Card portfolio, which Wells Fargo analysts call “strategically sensible.” The Apple Card, with $ 19B in receivables, has been a poor fit for GS, whose consumer push via Platform Solutions led to heavy losses.
A near break-even sale could free
$3–4B in capital for GS. For JPM, the deal would boost its card book by ~8% to $ 252B, putting it ahead of Capital One after its Discover acquisition. The sale would also transfer over $ 10B in Apple Card deposits, giving JPM low-cost funding. Analysts note further synergies in marketing to Apple’s loyal user base and enhancing one of the most efficient consumer banking platforms.
$JPM $GS $WFC $COF