Goldman Sachs shares nudged up Friday after the bank said it has a deal to move the Apple Card program to JPMorgan Chase’s Chase, which JPMorgan and Apple said would shift more than $20 billion in card balances to Chase once the transition is finished. Goldman was up 0.5% at $939.12 by midday, versus a 0.1% gain for the Financial Select Sector SPDR ETF; JPMorgan and Morgan Stanley also traded higher. Goldman said the exit should lift fourth-quarter diluted earnings per share by about 46 cents, reflecting a $2.48 billion release of loan-loss reserves — money set aside for expected credit losses — partially offset by a $2.26 billion hit to net revenue from loan write-downs and contract-ending costs plus $38 million of expenses; CEO David Solomon said it “substantially completes” the narrowing of its consumer focus.
