Goldman Sachs to exit Apple Card, restructures segments; Q4 EPS to get $0.46 boost

GOLDMAN SACHS GROUP INC

Entered agreement to transition Apple Card program to new issuer; expected to close in ~24 months.
Q4 2025 EPS to increase $0.46 from $2.48B reserve release, offset by $2.26B revenue markdown and $38M expenses.
Segment restructuring effective Q4 2025: transaction banking moves to Global Banking & Markets; Platform Solutions narrows focus.
Historical segment results (2021–2025) restated on comparable basis; no change to total net revenues or pre-tax earnings.
Firm continues to operate in three segments: Global Banking & Markets, Asset & Wealth Management, Platform Solutions.

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