JPMorgan reaches deal to take over Apple credit card program: Source

Summary

CNBC's Leslie Picker reports that JPMorgan has reached a deal and is near finalizing a takeover of Apple's credit card program from Goldman Sachs, according to sources. Goldman Sachs is expected to offload about $20 billion of Apple card balances at a $1 billion discount, with an announcement expected soon. Picker says the deal would further expand JPMorgan's already large credit card business and let it cross-sell to Apple's loyal customer base, while marking the end of Goldman's consumer-lending push.

• JPMorgan has reached a deal and is near finalizing an Apple card program takeover from Goldman Sachs.
• Goldman Sachs would offload about $20 billion of Apple card balances at a $1 billion discount.
• The deal is expected to be announced within roughly a week, with a transition period.
• The transaction marks the end of Goldman Sachs' consumer-lending chapter.
• Apple's loyal customer base could help JPMorgan sell those customers other products.
• JPMorgan is already a massive credit card player and would get even bigger.