JPMorgan to Take On Apple Credit-Card Business From Goldman (1)

JPMorgan Chase & Co. will replace Goldman Sachs Group Inc. as the partner for Apple Inc.’s credit-card business, bookending Goldman’s costly foray into consumer finance.

The portfolio’s transfer will occur in about two years, the firms said Wednesday. The arrangement will boost Goldman’s earnings per share by 46 cents in the fourth quarter, the bank said.

“We look forward to continuing to support our customers during the transition to a new issuer as we focus on advancing the strategy we laid out for our core franchises,” Goldman Chief Executive Officer David Solomon said in its statement, referring to ...