In a stunning pivot that signals the end of Goldman Sachs’ experimental foray into consumer banking, Apple has announced JPMorgan Chase as the new issuer for the Apple Card. This move marks a significant reset for the tech giant’s financial ambitions after a rocky partnership with Goldman.
The transition is expected to take approximately 24 months, ensuring a seamless migration for millions of cardholders. For the tech industry, this highlights the immense difficulty of disrupting legacy finance without established infrastructure. Goldman Sachs effectively served as the loss-leader to prove the concept, but now the heavyweights are taking over. While users likely won’t see immediate changes, expect tighter integration with Chase’s vast banking ecosystem in the future. This is less about innovation and more about stability.
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