JPMorgan Chase is preparing to take over Apple Card as Allison Beer, CEO of Card Services and Connected Commerce, plans to leave, according to reports on an internal memo.
Bloomberg’s report, carried by Mint, and Barron’s each described a staff memo from JPMorgan Co-President Troy Rohrbaugh. He told employees Beer had decided to pursue an opportunity outside the bank. The memo says JPMorgan expects to appoint a successor within the coming weeks. Neither report gave Beer’s departure date or identified where she may go. Barron’s also reported that Beer’s direct reports would report to Rohrbaugh during the interim.
Apple and Chase announced Jan. 7, 2026, that Chase would become Apple Card’s issuer, with the conversion expected to take roughly two years. Chase will assume the issuer role from Goldman Sachs Bank USA’s Salt Lake City branch. JPMorgan estimated the transfer would place more than $20 billion in card balances in Chase’s portfolio, pending regulatory approval.
JPMorgan’s third-quarter filing showed debit and credit card sales volume was 10% higher year over year. The bank’s earnings release reported $8.281 billion in net revenue for the combined Card Services & Auto line in the three months ended Sept. 30, 2026. That was 15% above the $7.173 billion recorded in the third quarter of 2025. The revenue total includes both card and auto operations, so it is not a card-only figure. JPMorgan said stronger card interest earnings reflected larger balances and higher net yield; increased income from auto leases also contributed. The filing’s volume measure covers debit and credit card sales, while the revenue total includes two business lines.
JPMorgan’s 2024 biography places Beer’s arrival at the bank in 2017 and lists earlier executive work at American Express. The biography says her initial assignment involved payments partnerships and strategy in Chase’s digital division.
