Goldman Sachs, Apple’s banking partner for its credit card and high-yield savings account, is reportedly considering exiting the consumer lending business. This decision could potentially impact Apple Card and the associated savings account, according to The Wall Street Journal.
The report indicates that some senior executives at Goldman Sachs are advocating for the company to discontinue its remaining consumer lending products, including those offered in partnership with Apple and the General Motors credit card. While no final decision has been made, more clarity on the future of Goldman’s consumer products may be revealed when the finance company reports its quarterly earnings on Tuesday.
Goldman’s consumer lending efforts, such as Apple Card, may have proven to be a misstep. The business unit responsible for these products, along with GreenSky (a “buy now, pay later” company acquired by Goldman for approximately $2.2 billion last year and now being sold at a loss), has incurred significant losses.
Meanwhile,…
2023-10-16 15:40:14
Article from www.engadget.com