Apple Card is a drag on Goldman Sachs, says CEO

At Davos, Goldman Sachs CEO David Solomon said his bank was too ambitious launching consumer credit, after it posted a big loss in the division mostly due to Apple Card in 2022.

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Goldman Sachs spent a lot of money to help launch Apple Card and its other consumer services. A report from January 13 revealed the bank’s consumer credit division lost $1.2 billion in nine months last year, and the losses were primarily related to the Apple Card.

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