JPMorgan Chase (JPM) has struck an agreement to take over the Apple (AAPL) Credit Card program from Goldman Sachs (GS), the Wall Street Journal’s AnnaMaria Andriotis and Gina Heeb report, citing people familiar with the matter. The larges bank in the U.S. will become the card’s new issuer, assuming control of one of the largest co-branded programs with roughly $20B in balances, in a pact that has been in the works for over a year, the authors note. Goldman is anticipated to offload the approximately $20B of outstanding balances at an over $1B discount, the authors say, adding that the deal is expected to be announced soon.
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