“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,” Goldman chief executive officer David Solomon said in its statement, referring to businesses such as investment banking, markets and asset management.
(Jan 8): JPMorgan Chase & Co will replace Goldman Sachs Group Inc as the partner for Apple Inc’s credit-card business, book-ending Goldman’s costly foray into consumer finance.
The portfolio’s transfer will occur in about two years, the firms said on Wednesday. The arrangement will boost Goldman’s earnings per share by 46 cents in the fourth quarter, the bank said.
