JPMorgan's reserve build has hit $2.1 billion—the highest level since the Covid era—driven largely by a $2.2 billion reserve set aside for forward purchase commitments tied to the Apple credit card business. The scale of this reserve tells an interesting story. When Goldman Sachs was managing that partnership, it apparently ran into some serious headwinds, and JPMorgan's move signals they're taking a cautious approach to inheriting what was clearly a troubled portfolio. The spike in reserves reflects the reality that this wasn't just a straightforward acquisition—it's a risk mitigation play. You're looking at a major financial institution essentially building a cushion for what could be a challenging integration. The timing and size of these reserves matter. They suggest management is bracing for potential credit quality issues or customer attrition as the transition happens. It's the kind of move you see when institutions are being realistic about inherited problems rather than optimistic about synergies.