New York, Jan 8, 2026, 20:58 EST — Market closed
- Apple Card program will move from Goldman Sachs to JPMorgan’s Chase unit; the transition is expected to take about 24 months.
- Goldman expects a one-time $0.46 lift to fourth-quarter 2025 diluted EPS, offset by loan markdowns and contract costs.
- GS shares fell 0.66% on Thursday; next catalysts include U.S. jobs data on Jan. 9 and Goldman’s results on Jan. 15.
The Goldman Sachs Group Inc (GS) is handing the Apple Card to JPMorgan Chase’s (JPM) Chase unit, ending the Wall Street bank’s stint as issuer of the co-branded card, the companies said. Goldman shares slipped 0.66% to $934.83 on Thursday. Mastercard will remain the payment network.
The handoff lands just ahead of earnings, and it sharpens Goldman’s retreat from consumer lending, a push that has drawn investor scrutiny for years. “This transaction substantially completes the narrowing of our focus in our consumer business,” Chief Executive David Solomon said. Goldman Sachs
A regulatory filing showed the handoff is expected to take about 24 months and would lift fourth-quarter diluted earnings per share (EPS) by $0.46. Goldman said it would release $2.48 billion of loan-loss reserves — money set aside for bad loans — but take a $2.26 billion hit to revenue from markdowns on the card loan book and contract termination obligations, plus $38 million of expenses. In the same filing, Goldman said it has reshuffled its segment reporting from the fourth quarter, keeping Global Banking & Markets, Asset & Wealth Management and Platform Solutions and recasting prior years for comparability. SEC
On the tape, GS traded between $932 and $945 on Thursday, leaving those levels as a near-term marker ahead of Friday’s session. The Financial Select Sector SPDR Fund (XLF) was up about 0.5%.
JPMorgan said the purchase commitment is expected to bring over $20 billion of card balances to Chase once the deal closes and that it plans a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to the commitment. “We’re proud to deepen our relationship,” said Allison Beer, Chase’s CEO of Card & Connected Commerce, calling Apple “an iconic brand.” JPMorgan Chase
The next market driver hits before the open: the U.S. Employment Situation report for December is due at 8:30 a.m. ET on Friday, Jan. 9. The consumer price index for December follows on Tuesday, Jan. 13, also at 8:30 a.m. Bureau of Labor Statistics
Goldman said it will announce fourth-quarter results at about 7:30 a.m. ET on Thursday, Jan. 15, and hold a conference call at 9:30 a.m. ET. The Apple Card accounting items and the segment reporting shift leave little room for clean comparisons, and traders will be listening for how the bank talks about capital and consumer exits. Goldman Sachs
Deal flow is still part of the story. CK Hutchison has tapped Goldman and UBS for a potential IPO of AS Watson, Bloomberg News reported, according to Reuters. Reuters
But the Apple Card transfer needs regulatory approval and the two-year timeline could stretch, keeping a chunk of consumer credit exposure on Goldman’s balance sheet longer than expected. The 46-cent EPS benefit is an estimate and could move as the bank finalizes its quarter.
With U.S. markets shut until Friday, investors will watch jobs data for the rate signal and any spillover to bank shares. The next hard date for GS is Jan. 15, when its results and call should put a number on what is left of Platform Solutions after the Apple Card exit.
