Apple Card contributes to another $667 million loss for Goldman Sachs: ‘We did not execute well’
Apple Card contributes to another $667 million loss for Goldman Sachs: ‘We did not execute well’
9to5mac.com Apple Card contributes to another $667 million loss for Goldman Sachs: ‘We did not execute well’
Back in January, we learned that Apple Card has been responsible for more than a billion dollars in losses for...
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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.