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Business

The Apple card has cost Goldman Sachs over $1 billion in losses




Goldman Sachs has lost $3.03 billion in nearly three years on its group of businesses, called Platform Solutions, which houses the Apple Card. Bloomberg reports(Opens in a new window) that the credit card made up a significant part of these losses.

In a regulatory filing disclosed Friday, Goldman Sachs disclosed that from the beginning of 2020 to the end of September 2022, Platform Solutions’ pretax loss amounted to $3.03 billion.

Sources with knowledge of the matter told Bloomberg that when the figures for the latest quarter are added, Platform Solutions is heading for a total three-year loss of $4 billion, with Apple Card making up more than $1[ads1] billion of that figure.

Sachs reported a pretax loss for its credit card division of more than $1.2 billion for the first nine months of 2022 and a pretax loss for 2021. Sources told Bloomberg that the losses were “mostly related to the Apple Card.” Meanwhile, it was also reported that of the roughly $2 billion in total losses by 2022, most stem from Apple Card and fintech installment lending platform GreenSky.

The losses stem from the massive investment Goldman Sachs has put into Apple Card, estimated to be somewhere between $1-3 billion, 9to5Mac reports(Opens in a new window). The bank had hoped that Platform Solutions would break even by 2022, but the target has now been moved to 2025.

Amidst the losses it has been reported(Opens in a new window) that Goldman Sachs is also preparing to shed 3,200 jobs, most of which will come from its trading and banking units.

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And all this comes as The Consumer Financial Protection Bureau (CFPB) investigates Goldman Sachs’ card operations(Opens in a new window). According to a regulatory filing filed last August, the CFPB examines “the application for refunds, crediting of discrepant payments, billing error resolution, advertising and reporting to credit bureaus.”

As CNBC reported(Opens in a new window)these payment problems were due to the rapid use of the Apple Card which left Goldman Sachs struggling to deal with related customer service issues.

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