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Goldman Sachs in its agreement to transition the Apple Card program and sell its credit card portfolio to Chase

On January 7, 2026, The Goldman Sachs Group, Inc. (NYSE: GS) announced that it had entered into an agreement to transition the Apple Card program and sell its over $20 billion credit card portfolio to Chase.  The transaction substantially completes Goldman Sachs’ previously announced plan to narrow the focus of its consumer business.  Simultaneously, Apple and Chase announced that Chase will become the new issuer of Apple Card upon the closing of the transaction, which is expected to take place in approximately 24 months.  The sale represents the largest single-retailer credit card portfolio sale in recent years by a significant margin.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Goldman Sachs.

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