JPMorgan nears deal to take over Apple's credit card program, WSJ reports
Talks between the largest U.S. bank and the tech giant began last year, as Goldman sought to unwind a partnership that had once been a cornerstone of its consumer banking strategy.
JPMorgan and Goldman (GS) declined to comment on the WSJ report, while Apple did not immediately respond to a Reuters request for comment.
The deal would further entrench JPMorgan in the credit card business and add to a string of victories for CEO Jamie Dimon, who has built the bank into a dominant force across retail banking and Wall Street businesses.
The bank is among the top credit card issuers in the United States, and competes closely with rivals such as American Express and Capital One.
Launched in 2019 with Goldman, the Apple card offered perks such as no fees and cashback, but the bank's struggles in consumer banking prompted a rethink of the partnership.
Since then, Goldman has pivoted to its traditional mainstays of investment banking and trading.
Barclays and Synchrony Financial have also discussed partnering with Apple for the credit card, Reuters reported in January.
Sign up for the Yahoo Finance Morning Brief
By subscribing, you are agreeing to Yahoo's
Terms
and
Privacy Policy
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
20 minutes ago
- Yahoo
Apple sets quarterly revenue record as earnings broadly beat expectations, shares climb
Apple blew past Wall Street expectations with its third-quarter earnings report released Thursday, revealing robust growth driven by persistent iPhone demand, surging services revenue, and resilience in key international markets—even as tariff anxieties and questions over its artificial intelligence (AI) roadmap loomed over the industry. For the quarter ended June 28, 2025, Apple posted revenue of $94 billion, representing a 10% increase compared to the same period last year. Net income soared to $1.57 per share—up 12% from a year ago and significantly ahead of analyst forecasts, which had pegged earnings per share at $1.43 on expected revenue of $89.22 billion. Gross margin nudged up to 46.5%. CEO Tim Cook celebrated the results, noting 'Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment.' Apple's board declared a quarterly dividend of $0.26 per share, payable August 14 to shareholders of record as of August 11. The installed base of active devices hit a 'new all-time high,' according to CFO Kevan Parekh, underscoring Apple's customer loyalty amid intensifying market competition. Apple shares climbed more than 2.5% post-market on the results. Segment highlights Apple's signature iPhone business was the principal engine of growth, generating $44.6 billion in sales—up from $39.2 billion the previous year. This far exceeded most forecasts and reinforced the iPhone's dominance, even as competitors ramp up their global push. The Services segment, encompassing the App Store, Apple Pay, Apple TV+, Apple Music, and iCloud, also set a new record: revenue there hit $27.4 billion, a 13% increase over last year. The success of Apple TV+ was underscored by the summer box office triumph of 'F1: The Movie,' which has grossed nearly $513 million worldwide. Mac sales also posted double-digit growth, rising to $8 billion. In contrast, iPad and Wearables revenue both saw modest declines, but these were more than offset by the core and services businesses. International & trade dynamics Growth was broad-based—notably including China, where Apple outperformed expectations with $15.4 billion in sales. This comes amid a tense geopolitical environment: President Donald Trump, seeking to enact tariffs of at least 25% on non-U.S.-made iPhones, had warned Apple to 'manufacture in the U.S., not India, or anyplace else.' The company had projected a $900 million headwind from tariffs this quarter but successfully navigated the challenge, in part by accelerating its shift in device manufacturing from China to India. Looking ahead Despite these achievements, investor scrutiny remained focused on Apple's comparative lag in artificial intelligence rollouts—especially as competitors like Meta and Microsoft grab headlines for major AI advances. Apple's stock, while buoyed after the earnings beat, has fallen 16% year-to-date, underperforming the broader S&P 500. Still, many analysts remain bullish, citing Apple's ecosystem strength, user retention, and ability to deftly manage global headwinds. Some analysts have expressed impatience with Tim Cook, even arguing for him to be replaced. Longtime Apple bull Dan Ives has thrown his support behind Cook but argued for a transformative M&A deal for Apple to get a leg up in the AI race, slamming a recent presentation as something that 'felt like an episode out of 'Back to the Future,'' although though that was a film, not an episodic TV series. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Sign in to access your portfolio
Yahoo
29 minutes ago
- Yahoo
Apple Posts Better-Than-Expected Earnings as Services Revenue Hits Record High
Apple (AAPL) reported fiscal third-quarter earnings that topped analysts' expectations, as its services revenue hit a record high. The iPhone maker posted revenue of $94.04 billion, up 10% year-over-year and above the analyst consensus from Visible Alpha. Net income of $23.43 billion, or $1.57 per share, rose from $21.45 billion, or $1.40 per share, a year earlier, topping Wall Street's estimates. Apple's services revenue improved 13% to a record $27.42 billion, above expectations. Apple's iPhone sales climbed 13% to $44.58 billion, ahead of projections, while Mac sales rose 15% to $8.05 billion, and iPad sales decreased 8% to $6.58 billion. Apple shares gained more than 2% in after-hours trading. The stock was down 17% for 2025 through Thursday's close. CEO Tim Cook Says Apple Is 'Significantly Growing' AI Investments CEO Tim Cook told investors on the company's earnings call that Apple is "significantly growing" its investments in AI and reallocating employees within the company to focus on development, but didn't provide a specific figure. A more personalized, AI-powered version of Apple's Siri virtual assistant is expected to launch in 2026, Cook confirmed. Significant delays have raised pressure on Apple to prove it can compete with other tech leaders on AI development. Cook also said Apple absorbed roughly $800 million in tariff-related costs during the third quarter, and expects to take a $1.1 billion hit in the current quarter, assuming tariff levels remain the same. Last week, Morgan Stanley analysts cautioned that the Trump administration could soon subject Apple to Section 232 tariffs, which are tied to national security concerns. This article has been updated since it was first published to include additional information and reflect more recent share price values. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
After Microsoft's $4 trillion milestone, who will be next to join the club?
Microsoft became the second company to pass a $4 trillion market cap mark after a blowout earnings release on Wednesday afternoon. That release showed quarterly revenue up 18% year over year, and net income up 24%, which resulted in Microsoft shares increasing more than 4% on Thursday, bringing the company's overall value past $4 trillion. Exclusive: Google is indexing ChatGPT conversations, potentially exposing sensitive user data Emotionally intelligent people use the 2-week rule to motivate themselves and reach their biggest goals Middle management is dead On July 9, Nvidia was the first to top the $4 trillion mark. Over the past three years, Microsoft's stock has more than doubled. Yesterday's milestone comes roughly six years after Microsoft passed the $1 trillion mark. Other companies are also hot on its heels. Here are five others that could become the next $4 trillion companies. Apple Apple will report earnings on Thursday after the bell, which could have an impact on its overall value. As it stands, the company has a market cap of roughly $3.1 trillion—still a ways off from $4 trillion—but it is the third-largest public firm in the world, measured by market cap. It was the first company to cross the $1 trillion, $2 trillion, and $3 trillion market cap marks, and shares are currently trading at around $210. Notably, shares are down almost 15% year to date, but they have nearly doubled in value over the past five years. Amazon Amazon is the fourth-largest public company in the world by market cap, with an overall value of around $2.5 trillion. Like Apple, Amazon will report earnings after the bell on Thursday, which could increase or decrease its value. The company does have a lot of ground to make up on Microsoft and Nvidia to reach $4 trillion, which would require some significant movement in its share price, currently trading at more than $230. Alphabet Alphabet, Google's parent company, is the only other public company worth more than $2 trillion as of this writing, with a market cap of around $2.33 trillion. Like Amazon, that means there's quite a lot of work to do to get to $4 trillion. Alphabet's shares were trading for around $192 on Thursday afternoon, which was an intraday decline of 2%. Alphabet's most recent earnings report came out on July 23. Meta The only other company within spitting distance of $4 trillion is Meta, which, as of this writing, has a market cap of around $2 trillion. Following its latest earnings release on Wednesday, Meta shares increased 12%, with revenues up 22% year over year, and net income up 36%. This post originally appeared at to get the Fast Company newsletter: Sign in to access your portfolio
