Goldman Sachs (GS) announced that the firm has entered into an agreement to transition the Apple (AAPL) Card program and associated accounts to Chase (JPM). “This transaction substantially completes the narrowing of our focus in our consumer business,” said David Solomon, CEO of Goldman Sachs. The transaction is expected to result in a 46c earnings per share increase to Goldman Sachs’ Q4 2025 results. This reflects a release of $2.48B of loan loss reserves reflected in provision for credit losses, partially offset by a reduction in net revenues of $2.26B related to markdowns on the outstanding credit card loan portfolio and contract termination obligations as well as $38M of expenses. The transition is expected to take place in approximately 24 months; until that is complete, Goldman Sachs will continue to operate the program and record ongoing business results.
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