WConner
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Goldman Sachs regrets Apple Card, and is trying to escape the deal
Actually, after reviewing these links it does not credit the loss rate or the large amounts to Apple Card. It remains rather opaque with that information. Note, that Goldman Sachs also has a branded credit card with GM. Within the GS document on Page 43, they indicate that they did have to absorb $185 million in losses with
the GM co-branded car over six months in 2021. I think it is more likely that the abundance of average 660 credit ratings comes from the GM partnership than Apple. It also could be the majority of the loss rate as well.
It does not change the fact that GS just wants out of all consumer facing finance products, but I thought that was an interesting nuance.
The CNBC article also does not directly connect their losses to specific cards, just the the credit cards division of GS.
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quoted from Gatorguy:
https://www.cnbc.com/2022/09/12/goldmans-gs-apple-card-business-has-a-surprising-subprime-problem.html
and beginning page 43 of this doc:
https://www.goldmansachs.com/investor-relations/financials/10q/2022/second-quarter-2022-10-q.pdf