PYMNTS.com·2026-01-15 18:47Core Insights - Goldman Sachs is transitioning towards capital-light platforms and financing businesses as key drivers for sustainable, technology-enabled growth [1][6] - The firm has signed an agreement to transition the Apple Card portfolio to JPMorgan, indicating a strategic shift away from consumer balance-sheet businesses [2][10] - Management anticipates increased client activity and technology-enabled scale will drive momentum into 2026 [3] AI and Automation - AI is becoming central to Goldman's operations, with a focus on enhancing productivity rather than being an experimental tool [4] - The launch of One Goldman Sachs 3.0, powered by Ella AI, aims to improve efficiency, client experience, and profitability [5] - Six initial workstreams have been identified for AI-driven automation, including client onboarding and regulatory reporting [5] Financial Performance - Durable financing revenues in FICC and equities reached a record $11.4 billion in 2025, growing at a 17% compound annual rate since 2021 [7] - The transition of the Apple Card portfolio resulted in a $2.3 billion reduction in Platform Solutions revenues, but was offset by a $2.5 billion reserve release, leading to a net positive effect on earnings [10] Strategic Focus - The transition of the Apple Card reflects a broader effort to reduce capital intensity and focus on higher-return, technology-enabled businesses [11] - The future of Apple Savings remains uncertain, with management emphasizing a reassessment of consumer-facing deposit strategies [12][13] - Goldman expects to redirect capital towards technology and platforms intersecting with institutional finance, including tokenization and AI-driven platforms [14][15] Market Outlook - Solomon indicated that technology investments are aimed at raising the firm's performance across market cycles, with high levels of client engagement expected to continue [16]