The WSJ is reporting that JPM is in talks with Apple to take over credit card business from Golman.
The program has over 12 million users and roughly $17 billion in outstanding balances.
Apple has been seeking a new issuer after deciding to part ways with Goldman Sachs, the current issuer, last year.
JPMorgan is seeking concessions from Apple, including paying less than the full face value of the outstanding balances and changing the billing structure of the card program.
Apple has signaled that it is open to making changes to the billing structure, which could help to alleviate customer-service issues and regulatory scrutiny.
A deal between JPMorgan and Apple would further tie together America's biggest bank and one of the largest technology companies in the world, potentially expanding Apple's financial services offerings.
Apple's credit-card program has been successful, with over 12 million users and a strong brand reputation, making it an attractive asset for JPMorgan to acquire.
The deal could also help Apple to expand its reach in the financial services sector, potentially leading to new partnerships and offerings.
Overall, Apple's potential deal with JPMorgan Chase could be a win for the company, as it would allow Apple to maintain its credit-card program and potentially expand its financial services offerings, while also providing a new partner to help manage the program's risks and regulatory challenges.
Apple shares are trading down $-0.31 or -0.15% at $216.01. The low price today reached $214.50. The high price extended to $216.90. The recent decline has been off of the expectations for sluggish demand for the new iPhone due to AI software not being ready for the new phone. Nevertheless, dictations still remain strong that once things kick in, it will give consumers a reason to upgrade.
Looking at the hourly chart, the price gapped lower after the sluggish demand reports over the weekend. That made the high price from Friday look foreshadowing. The price high stalled right at the 100 hour moving average (blue line on the chart below).. That is the bearish news. The not so bearish is the low price yesterday and today stalled right at the 50% midpoint of the move up from the August low. So the buyers are staying play above that level. However, the price will need to get back above the 50-hour MA, the 200 hour MA and the 100-hour MA between $220.14 up to $222.96 to give the buyers more control in the short term.
