The lowdown

Here’s what’s buzzing today”

• 💸 Average U.S. Tax Return Amount Falls Slightly
  Tax season kicks off on January 27, but don’t expect a big payday—average refunds are down to $3,138, a drop from their pandemic-era highs. With pandemic tax benefits expired, the numbers are still slightly higher than a decade ago, but don’t bank on a windfall this year.

• 🔒 Walgreens Says Locking Up Products Is Bad for Business
  Walgreens is rethinking its shoplifting strategy after locked shelves led to a sharp decline in sales, even as theft surged 52%. CEO Tim Wentworth says they’re now searching for “creative” solutions, but the chain still plans to shutter hundreds of underperforming stores this year.

• 🏢 JPMorgan Wants Employees Back in Office 5 Days a Week
  JPMorgan Chase is doubling down on in-office work, planning a full five-day return for staff. As remote work fades and corporate giants tighten policies, the move could signal a broader pushback against flexible work arrangements.

Featured story

Barclays Eyes Apple Card Partnership

Apple is shaking things up with its Apple Card partnership, as Goldman Sachs looks ready to tap out after losing over $6 billion on the deal. Reports suggest Barclays may become the new partner, leveraging its retail banking experience to better handle the tech giant's financial ambitions. While JPMorgan Chase and Synchrony Financial are also in the mix, insiders say Apple’s original deal terms—like approving most applicants and issuing bills on the same day—have been a logistical nightmare for Goldman’s operations team.

With its existing infrastructure, Barclays might allow Apple to expand the card internationally or introduce new features without the same growing pains. Meanwhile, Goldman stands to save itself from further financial headaches, especially as its CEO hinted the partnership might end sooner than the 2030 contract suggests. For Apple, it’s an opportunity to realign its card’s underwhelming trajectory in a market filled with flashier, more rewarding credit card options.

Apple’s insistence on user-friendly policies—like unified billing dates—raises questions about whether the card’s customer-first ethos can coexist with bank-friendly profitability. If Barclays can strike that balance, it might not just replace Goldman but redefine what a tech-powered credit card partnership looks like.

Off-balance sheet items

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The bottom line

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