Goldman Sachs is set to offload its Apple Card portfolio to JPMorgan Chase, marking the end of their partnership initiated in 2019. The transition, which will occur over a two-year period pending regulatory approval, includes the offloading of approximately $20 billion in outstanding card balances at a significant discount. This move comes amid an increasing probability of recession and reflects Goldman's challenges in the consumer finance sector, as the bank is also adjusting its financial forecasts.
“Goldman Sachs calls concerns around Apple 'overly pessimistic' while updating their outlook for Apple shares.”
“Goldman maintains a bullish $330 target ahead of earnings; Jim Cramer and some strategists highlight Apple’s AI and hardware advantages.”
“Goldman Sachs predicts that South Africa will avoid the projected revenue deficit and maintains a positive outlook on stabilizing debt below 70% of GDP.”
“He mentioned that Morgan Stanley has entered the Bitcoin market and Goldman Sachs Group Inc. has filed for a Bitcoin ETF.”
“He mentioned that Morgan Stanley has entered the Bitcoin market and Goldman Sachs Group Inc. has filed for a Bitcoin ETF.”
“JPMorgan Chase reported earnings... including the $2.2 billion in credit losses it planned for as a result of the deal to take over the Apple Card portfolio from Goldman Sachs, which it announced last week.”
“JPMorgan Chase is nearing a deal to take over the Apple Card portfolio from Goldman Sachs, people familiar with the matter told CNBC.”
“Goldman’s non-public fund, the Goldman Sachs Private Credit Corporation, last week said it met quarterly redemption requests of 4.9% without having to limit withdrawals.”
“Goldman Sachs has already raised its recession probability to 30%”
“Goldman Sachs is offloading the roughly $20 billion of outstanding card balances at a more than $1 billion discount.”
“Goldman and Apple announced in 2023 they were ending their partnership.”
“the bank has reached an agreement to move its Apple Card business to JP Morgan Chase.”
.png&width=160)
