Goldman Sachs 8-K

Summary

Apple Card issuer transition and segment-reporting changes. Goldman Sachs agreed to transition the Apple Card program and related accounts to a new issuer, expected in ≈24 months. The firm is narrowing its consumer-related focus within Platform Solutions; segment results are being reorganized to reflect that focus.

Key Figures

• Apple Card transition expected to increase Q4 2025 diluted EPS by $0.46: a $2.48B release of loan loss reserves reflected in provision for credit losses, offset by a $2.26B net-revenue reduction for card-loan portfolio markdowns and contract termination obligations, plus $38M of operating expenses. The estimated impact may change as the firm completes its financial statements.
• Beginning in Q4 2025, transaction banking moves into Global Banking & Markets; certain loan-syndication and letter-of-credit results move to FICC financing; Urban Investment Group results are allocated across all three segments; and Equity and Debt Investments are reported together in Asset & Wealth Management. Historical segment results from FY2021 are conformed; the changes do not affect consolidated historical net revenues, provision for credit losses, operating expenses or pre-tax earnings.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch for the Apple Card transition, expected in ≈24 months and subject to closing conditions, and whether the stated Q4 2025 EPS impact holds in final results.