JPMorgan Chase is set to acquire the Apple credit card portfolio from Goldman Sachs, transferring over $20bn in card balances. The process is expected to take 24 months and requires regulatory approval. JPMorgan plans to report a $2.2bn provision for credit losses related to the deal. Apple Card customers will maintain current features and rewards with the card still operating on Mastercard’s network.

Goldman Sachs and Apple announced the end of their partnership, marking the conclusion of Goldman’s foray into consumer lending. Goldman’s CEO, David Solomon, stated that the agreement solidifies their focus on the consumer business. The deal is projected to increase Goldman’s earnings by 46 cents per share. Mastercard will continue to be the payment network for Apple Card, with the company expressing excitement for the partnership with Apple and JPMorgan.

Read more at Yahoo Finance: JPMorgan to take over Apple credit card from Goldman Sachs