03:16 PM EDT, 09/17/2024 (MT Newswires) -- (Adds JPMorgan declined to comment in last paragraph.)

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, citing people familiar with the matter.

Talks began earlier this year and have progressed in recent weeks, but a deal may be months away or might not materialize given the price and other details yet to be negotiated, the report said.

Apple ( AAPL ) approached various financial institutions, including Synchrony Financial (SYF) and Capital One Financial (COF), to explore interest in managing the credit card program, the report said.

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

Allison Beer from JPMorgan ( JPM ) is leading the evaluation of the Apple ( AAPL ) credit card program with executives including Chief Executive Officer CEO Jamie Dimon involved in the decision, the report said.

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

JPMorgan ( JPM ) declined to comment to MT Newswires, and Apple ( AAPL ) didn't immediately reply to a request for comment.

(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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