this post was submitted on 19 Jul 2023
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Apple Card

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Apple Card contributes to another $667 million loss for Goldman Sachs: ‘We did not execute well’ (9to5mac.com)
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[–] [email protected] 4 points 1 year ago

Earlier this year we learned those consumer banking losses have come mostly from Apple Card and a Goldman acquisition called GreenSky.

As for why Goldman is seeing such a tough time with its nascent consumer banking offerings, the company says the primary cause is loan-loss provisions which are when a bank has to compensate for greater than expected unpaid credit card balances and loans.