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Why did Goldman Sachs lose money on Apple Card?

As reported in the past, a few factors contribute to Goldman’s massive losses associated with Apple Card, including charge-off rates that are nearly double those of other credit cards. Goldman Sachs had planned to use Apple Card to bolster its efforts to expand into consumer banking.

Does Goldman Sachs still have a partnership with Apple?

Looking toward the future, Goldman Sachs is still looking to exit its partnership with Apple, which consists of the Apple Card and Apple Card Savings Account. Currently, Apple Card credit card balances total $17 billion.

Does Goldman Sachs still use Apple Card?

Goldman Sachs had planned to use Apple Card to bolster its efforts to expand into consumer banking. In the intervening years, however, the bank has decided to exit the consumer business altogether, including consumer loans and other offerings.

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