JPMorgan Chase & Co. (JPM.US) plans to take over Apple Inc.'s (AAPL.US) credit card project from Goldman Sachs Group, Inc. (GS.US).

According to reports, JPMorgan Chase (JPM.US) is in discussions with Apple Inc. (AAPL.US) to take over the credit card project from Goldman Sachs Group, Inc. (GS.US), the iPhone manufacturer. Currently, Apple Inc.'s credit card issuer is Goldman Sachs Group, Inc., but last year Goldman Sachs Group, Inc. decided to end its partnership with Apple Inc. in credit cards and savings accounts. Sources say that Apple Inc. has since engaged in negotiations with several potential buyers for the credit card project, including issuing institutions Synchrony Financial (SYF.US) and Capital One Financial Corp. (COF.US). Sources indicate that JPMorgan Chase's negotiating team aims to acquire Apple Inc.'s credit card project with less than $17 billion in outstanding balances, and add that the deal may take several months to finalize. Sources also added that the largest bank in the United States is trying to eliminate key aspects of the credit card project, such as Apple Inc.'s requirement for cardholders to receive their statements at the beginning of each month. Meanwhile, Goldman Sachs Group, Inc. is facing high costs and accumulating losses from exiting the consumer sector. Last week, the investment bank revealed that it is prepared to bear a $400 million pre-tax loss, mainly due to the imminent sale of the General Motors Company (GM.US) credit card business. Reports on September 10th stated that Goldman Sachs Group, Inc. will sell the $2 billion loan portfolio related to General Motors Company customers to Barclays PLC Sponsored ADR (BCS.US). If Goldman Sachs Group, Inc. sells Apple Inc.'s credit card program to a new issuing institution, the bank may incur further losses.