Apple: The Client Goldman Is Handing BackThin moat

Goldman Sachs (GS) — moat facet

Goldman's one large consumer client is Apple, and the whole relationship is being handed to another bank.

The nearest thing Goldman has to a major client is Apple, and the relationship is ending. The firm's 10-K says that "Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers" and businesses already exited1. In December 2025 it agreed to transition the Apple Card program to another issuer, expected to take about 24 months2. The JPMorgan page in this app identifies the buyer as Chase3.

Platform Solutions net revenues, restated ($M)2,05820232,12920241512025Goldman Sachs Form 10-K FY2025; 2025 includes Apple Card markdowns
Revenue collapsed as the exit began.

The business was large on the balance sheet and small in revenue. Platform Solutions held total assets of $28 billion and loans of $20 billion at the end of 20254. Its restated net revenues were $2,058 million in 2023, $2,129 million in 2024 and $151 million in 20255, the last cut by the costs of the exit.

The exit had two sides in the fourth quarter of 2025: markdowns and termination costs of $2.26 billion in net revenues, more than offset by a $2.48 billion release of loan loss reserves6. In the second quarter of 2026 Platform Solutions revenue fell 64% to $221 million on net markdowns of the portfolio held for sale7.

The firm lists a risk that the transfer "may not close on the anticipated timeline or at all"8. Until it does, Goldman carries the loans.

On the older segment basis, before transaction banking moved out, Platform Solutions revenue was $1,502 million in 2022, $2,378 million in 2023 and $2,427 million in 20249. The business grew its revenue each year and lost money before tax in each of them10.

The exit has a cost on the other side of the trade too. JPMorgan recorded a $2.2 billion provision for lending-related commitments on the Apple Card transaction11. Goldman's reserve release and the buyer's new reserve are two views of the same loans.

Revenue here should fall toward zero as the transition completes. Still above $200 million a quarter at the end of 2027, it would mean the exit had slipped.

Moat trajectory: Narrowing

Apple Card transition agreed Dec 2025, about 24 months.

The number that tests this moat
Reported
Platform Solutions net revenues, latest quarter
$221M (Q2 2026, -64%)

The consumer business being wound down; revenue still above $200M a quarter at end-2027 would mean the exit had slipped.

Source: Goldman Sachs Q2 2026 earnings results ↗
References
  1. ReportedThe firm's 10-K says that "Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers" and businesses already exited.
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1 business, human capital and consumer-business disclosures. — FY2025 · publ. 25 February 2026 · source ↗
  2. ReportedIn December 2025 it agreed to transition the Apple Card program to another issuer, expected to take about 24 months.
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1 business, human capital and consumer-business disclosures. — FY2025 · publ. 25 February 2026 · source ↗
  3. ReportedThe JPMorgan page in this app identifies the buyer as Chase.
    JPMorgan Chase Form 10-K for fiscal 2025 - deposits of $2,559,320 million and the Apple Card transaction announced on 7 January 2026, with a $2.2 billion provision for lending-related commitments. — FY2025 · publ. February 2026 · source ↗
  4. ReportedPlatform Solutions held total assets of $28 billion and loans of $20 billion at the end of 2025.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Global Banking & Markets: league tables, wallet share, clients, financing and intermediation. — FY2025 · publ. 15 January 2026 · source ↗
  5. ReportedIts restated net revenues were $2,058 million in 2023, $2,129 million in 2024 and $151 million in 2025, the last cut by the costs of the exit.
    Goldman Sachs Form 10-K for fiscal 2025 - segment results on the basis restated in the fourth quarter of 2025: net revenues by line, pre-tax earnings, return on equity, average common equity, loans and assets by segment for 2023-2025 - Global Banking & Markets segment results. — FY2023-FY2025 · publ. 25 February 2026 · source ↗
  6. ReportedThe exit had two sides in the fourth quarter of 2025: markdowns and termination costs of $2.26 billion in net revenues, more than offset by a $2.48 billion release of loan loss reserves.
    Goldman Sachs full-year and fourth-quarter 2025 earnings results, Form 8-K exhibit 99.1 - net revenues by region, net interest income, deposits, loans, AUS rollforward, capital returned and Apple Card effects. — FY2025 · publ. 15 January 2026 · source ↗
  7. ReportedIn the second quarter of 2026 Platform Solutions revenue fell 64% to $221 million on net markdowns of the portfolio held for sale.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedThe firm lists a risk that the transfer "may not close on the anticipated timeline or at all".
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1A risk factors and Note 27 legal proceedings, including the 1MDB matters. — FY2025 · publ. 25 February 2026 · source ↗
  9. ReportedOn the older segment basis, before transaction banking moved out, Platform Solutions revenue was $1,502 million in 2022, $2,378 million in 2023 and $2,427 million in 2024.
    Goldman Sachs Form 10-K for fiscal 2024 - segment results on the basis used before the 2025 restatement, including Platform Solutions pre-tax losses for 2023 and 2024. — FY2024 · publ. February 2025 · source ↗
  10. ReportedThe business grew its revenue each year and lost money before tax in each of them.
    Goldman Sachs Form 10-K for fiscal 2024 - segment results on the basis used before the 2025 restatement, including Platform Solutions pre-tax losses for 2023 and 2024. — FY2024 · publ. February 2025 · source ↗
  11. ReportedJPMorgan recorded a $2.2 billion provision for lending-related commitments on the Apple Card transaction.
    JPMorgan Chase Form 10-K for fiscal 2025 - deposits of $2,559,320 million and the Apple Card transaction announced on 7 January 2026, with a $2.2 billion provision for lending-related commitments. — FY2025 · publ. February 2026 · source ↗
Sources
Generated September 28, 2026