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After clinching Apple Card sale to JPMorgan, Goldman Sachs nears the end of its years-long consumer headache
Goldman Sachs (GS) has reached an agreement to move its Apple Card business to Chase (JPM) in a deal that brings the company one step closer to ending its years-long foray deeper into the consumer banking business that became a headache for the firm.
“This transaction substantially completes the narrowing of our focus in our consumer business,” Goldman Sachs CEO David Solomon said Wednesday in a press release statement.
The deal still requires regulatory approval and isn’t expected to be finalized for two years, but both banks will recognize the hand-off in their fourth quarter earnings that they will report next week.
JPMorganChase takes over Apple Card from Goldman Sachs | PaymentsSource
Update: This article has been updated to include prepared remarks from Goldman Sachs CEO David Solomon and information about Goldman's financials.
The Apple Card has found a new home at JPMorganChase , the country's largest credit card issuer, the bank announced Wednesday evening.
The bank said it expects to move the $20 billion of card balances to its retail banking platform over the next two years, subject to regulatory approvals.
JPMorgan will replace Goldman Sachs , which won the Apple card business in 2019 amid a foray into consumer banking but ultimately backpedaled, abandoning the sector.
"This transaction substantially completes the narrowing of our focus in our consumer business," Goldman Sachs CEO David Solomon said in a prepared statement Wednesday night. "We look forward to continuing to support our customers during the transition to a new issuer."
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