Per the Wall Street Journal, Apple  (AAPL) and JPMorgan  (JPM)  are reportedly approaching a deal that would see a marriage between the consumer tech giant and America’s largest bank.

At the core of the negotiations, which have been murmured about for years, is the Apple Card. The credit card, which launched in Aug. 2019, has been issued and managed by Goldman Sachs  (GS) . The card was the crown jewel of the investment bank’s foray into consumer banking.

However, despite its Wall Street reputation, the bank’s Main Street misadventures have befuddled investors. After spending billions on the acquisitions of the GM Credit Card and lender Greensky, the company saddled enormous losses, as charge-offs from loans and credit exceeded industry standard. It reported $1.34 billion in loan loss provisions in 2024, a 31% rise year-over-year.

As a result, Goldman has been seeking an out. Thus far, it has wound down considerable portions of its consumer bank, Marcus. It has sold souring loan portfolio to third parties at considerable loss. The Apple Card has been seen as the most difficult product to pawn off, particularly given Goldman’s poor reputation for underwriting.

The terms of a deal between the parties are still not final. 

This story is breaking news and will be updated as information becomes available.