01:28 PM EDT, 09/17/2024 (MT Newswires) -- (Updates with more details from third paragraph onwards.)

JPMorgan Chase ( JPM ) is in advanced talks with Apple ( AAPL ) to take over the tech giant's credit card program from Goldman Sachs ( GS ) , the Wall Street Journal reported Tuesday.

Talks began earlier this year and have progressed in recent weeks, but a deal could be months away, or might not materialize given the price and other details that are yet to be negotiated, WSJ reported, citing people familiar with the matter.

Since Goldman Sachs ( GS ) decided to part ways, Apple ( AAPL ) has approached various financial institutions, including Synchrony Financial (SYF) and Capital One Financial (COF), to explore interest in managing the credit card program, the media outlet reported.

JPMorgan ( JPM ) is reportedly looking to pay less than the full face value of the approximately $17 billion in outstanding balances on the Apple ( AAPL ) credit cards.

Allison Beer from JPMorgan ( JPM ) is leading the evaluation of the Apple ( AAPL ) credit card program, with top brass, including CEO Jamie Dimon, involved in the decision-making, the report added.

JPMorgan ( JPM ) is reportedly seeking to change elements of the Apple ( AAPL ) card program, such as the unusual billing structure that contributed to customer service issues and regulatory scrutiny of Goldman.

Neither JPMorgan ( JPM ) nor Apple ( AAPL ) immediately replied to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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