Apple Card has cost Goldman Sachs more than $1 billion since 2020

IT House News on January 14, Goldman Sachs recently submitted documents to regulators regarding the “Platform Solutions” business (which includes Apple Card). The document mentions that since 2020, consumer-oriented products have accumulated losses of nearly US$4 billion (currently about 26.96 billion yuan), while Apple Card business has lost more than US$1 billion (currently about 6.74 billion yuan).

According to Bloomberg News, Goldman Sachs Platform Solutions business unit said the current performance situation is grim. In the first nine months of 2022 alone, the pre-tax loss of businesses including Apple Card will exceed US$1.2 billion (currently about 8.088 billion yuan).

The report pointed out that from 2020 to September 2022, Goldman Sachs Platform Solutions business loss reached 3 billion US dollars (currently about 20.22 billion yuan). And the performance of this business in the fourth quarter of 2022 is even worse, which means that it has lost nearly US$4 billion in the past three years (currently about 26.96 billion yuan).

IT Home Small Classroom: Apple Card was launched in the US market in August 2019. It is an online bank credit card jointly developed by Apple and Goldman Sachs, and it is mainly used for Apple Pay services.

People familiar with the situation revealed that most of the US$1 billion (currently about 6.74 billion yuan) in losses in 2021 will come from Apple Card. The loss of US$2 billion in 2022 (currently about 13.48 billion yuan) is believed to mainly come from Apple Card and another Goldman Sachs lending platform called GreenSky.