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Investing.com -- JPMorgan Chase (NYSE:JPM) is in advanced discussions to become the new partner for Apple (NASDAQ:AAPL)’s credit card program, potentially replacing Goldman Sachs, according to a report from the Wall Street Journal.
The talks between America’s largest bank and the tech giant have gained momentum in recent months, with Apple indicating that JPMorgan is its preferred choice for the partnership. The two companies have been in negotiations since early 2024.
Despite the progress, no final agreement has been signed, and several challenges related to the Apple program could still derail the discussions.
For JPMorgan, the deal would provide access to Apple’s customer base, opening opportunities to market additional financial products. Apple would benefit from JPMorgan’s extensive consumer banking network to help sell and finance its devices.