New York, January 9, 2026, 11:03 EST — Regular session
- JPMorgan shares rose about 0.4% in late morning trade; financial sector ETFs were little changed.
- Apple Card issuer shift from Goldman to Chase is expected to take about 24 months and needs regulatory approvals.
- Investors are looking to JPMorgan’s Jan. 13 results for credit-cost and expense signals.
JPMorgan Chase & Co shares rose 0.4% to $331.12 on Friday after the bank agreed to replace Goldman Sachs as the issuer of Apple’s credit card, broadening its consumer lending footprint just ahead of earnings. The Financial Select Sector SPDR Fund was down about 0.1%, while the KBW Bank ETF was little changed. (Reuters)
The agreement is expected to shift more than $20 billion of Apple Card balances to Chase once it closes, though the transition is expected to take roughly 24 months and remains subject to regulatory approvals, the companies said. JPMorgan expects to recognize a $2.2 billion provision for credit losses tied to the forward purchase commitment — money set aside for expected defaults — a near-term hit that will sit inside fourth-quarter results. (Business Wire)
That sets up a tight read-through to Jan. 13, when JPMorgan is due to kick off earnings season for major U.S. banks. Analysts expect the top six U.S. banks’ fourth-quarter profits to rise 16% from a year earlier, helped by a 34% jump in investment banking revenue, according to LSEG estimates, and Argus Research analyst Stephen Biggar said, “I think 2026 is a good year for investment banking.” (Reuters)
Apple’s Jennifer Bailey said “Chase shares our commitment to innovation,” while Chase card executive Allison Beer said the bank is “excited to innovate together in the future.” Mastercard will remain the payment network, and the companies said cardholders can keep using the card during the transition. (Jpmorganchase)
For Goldman, the deal is part of a broader pullback from consumer finance. Chief Executive David Solomon said the transaction “substantially completes the narrowing of our focus in our consumer business,” and Goldman said it expects a $0.46-per-share lift to fourth-quarter 2025 results, reflecting reserve releases partly offset by markdowns and contract costs. (Goldman Sachs)
The rate backdrop is moving, too. U.S. job growth slowed to 50,000 in December and the unemployment rate dipped to 4.4%, data showed, and traders pared back near-term rate-cut bets after the report. Reuters reported futures markets now put the next Fed cut more likely around June, with only a 45% chance of a cut by April. (Reuters)
In a separate interview, JPMorgan’s global head of advisory and M&A, Anu Aiyengar, said a rising mix of risks could keep boards leaning toward bigger deals. “We are in a world where the level of shocks to the system and the sources of shocks to the system are very broad,” she said. (Reuters)
Still, not everyone is leaning in at these levels. Wolfe Research downgraded JPMorgan and Bank of America, with analyst Steven Chubak writing the firm was “taking some chips off the table” after a rally that has lifted valuations. (Bloomberg)
But the Apple Card portfolio is not a clean win on its own. Regulators could slow the timeline, the credit performance of the balances could surprise, and any sign that expenses are rising faster than revenue could pull focus back to 2026 guidance rather than the deal headline.
Next up is JPMorgan’s Jan. 13 report before markets open, where investors will be watching the size and tone of credit-loss provisioning, the expense outlook, and how management frames the Apple Card transition.
