Goldman Sachs considers ending Apple Card partnership due to $6B+ consumer losses and projected $400M loss this quarter.
Goldman Sachs is reportedly seeking to end its partnership with Apple due to significant consumer losses exceeding $6 billion, with a projected $400 million loss this quarter linked to the Apple Card. The bank's exit from the credit card sector, deemed "messy" because of lax underwriting standards, poses challenges, especially with $17 billion in balances tied to the Apple Card, following previous divestments in its lending business.
September 10, 2024
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