Jamie Dimon, CEO of JPMorgan Chase & Co., announced the company’s deal to become the new Apple credit card issuer, replacing Goldman Sachs. The agreement, nearly finalized after a year of negotiations, involves offloading $20 billion of card balances at over a $1 billion discount, as reported by The Wall Street Journal. Both banks declined to comment.

Read more at CNBC: JPMorgan reaches deal to become Apple credit card issuer, source says