Goldman Sachs to transfer Apple Card programme to Chase

UCapital Media
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Apple Inc on Wednesday said JPMorgan Chase & Co will become the new issuer of Apple Card through its Chase subsidiary, replacing Goldman Sachs Group Inc.
Goldman Sachs, a New York-based investment bank and financial services provider, confirmed that it has entered into an agreement that will result in the transition of the Apple Card programme and associated accounts to Chase, a banking subsidiary of its New York-based peer JPMorgan Chase.
Shares in Goldman Sachs ended 1.5% lower at USD941.02 in New York on Wednesday before falling 0.1% after hours, while JPMorgan shares closed down 2.3% at USD326.99 and fell 0.1% after hours.
The transition to Chase is expected to take place in 24 months, and until then Goldman Sachs will continue to operate the programme and record ongoing business results.
Apple, a Cupertino, California-based consumer electronics company, said New York-based MasterCard Inc will also continue to provide the payment network for the card service that first launched in 2019.
In a statement, Goldman Sachs said the agreement will result in a USD0.46 earnings per share increase to its fourth quarter 2025 results.
"This reflects a release of USD2.48 billion of loan loss reserves reflected in provision for credit losses, partially offset by a reduction in net revenues of USD2.26 billion related to markdowns on the outstanding credit card loan portfolio and contract termination obligations as well as USD38 million of expenses," Goldman Sachs said.
