NEW YORK, January 7, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today announced that the firm has entered into an agreement to transition the Apple Card program and associated accounts to Chase.
“This transaction substantially completes the narrowing of our focus in our consumer business,” said David Solomon, Chairman and CEO of Goldman Sachs. “Alongside Apple, we built an award-winning program and created an innovative credit card that put consumers at the center. We look forward to continuing to support our customers during the transition to a new issuer as we focus on advancing the strategy we laid out for our core franchises in Global Banking & Markets and Asset & Wealth Management.”
The transaction is expected to result in a $0.46 earnings per share increase to Goldman Sachs’ fourth quarter 2025 results. This reflects a release of $2.48 billion of loan loss reserves reflected in provision for credit losses, partially offset by a reduction in net revenues of $2.26 billion related to markdowns on the outstanding credit card loan portfolio and contract termination obligations as well as $38 million of expenses. The transition1 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.
Introduced in 2019, Apple Card is designed with users’ financial health in mind, and has become a top choice among consumers for its innovative features, seamless user experience, and commitment to customer privacy and security.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside the firm’s control. It is possible that the firm’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm’s future results, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.
Forward-looking statements include the timing of the transition of the Apple Card program, which is subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to satisfy applicable closing conditions. The expected impact of the transaction on the firm’s fourth quarter 2025 results is also a forward-looking statement and subject to change as the firm completes its financial statements.
1 Goldman Sachs & Co. LLC is serving as financial advisor to Goldman Sachs on the transition of the over $20 billion credit card portfolio.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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