JPMorgan Chase, the largest US credit card issuer based on purchase volume, will become the top issuer based on outstanding receivables when it closes on the acquisition of the more than $20-billion Apple Card portfolio from Utah-based Goldman Sachs Bank USA. Chase will pay a discount on that amount in the 7% range. The conversion from Goldman Sachs, which is subject to closing conditions and regulatory approval, is expected to take up to two years. Goldman Sachs has lost more than $7 billion (pretax) on the Apple Card portfolio since its launch in 2019. The company is legally obligated to ...