Goldman Sachs has reportedly taken a $1.2 billion hit during the first nine months of last year thanks to the Apple Card.
, the credit card can be applied for from the iPhone by opening the Wallet app and tapping on the"apply now" button on the top card. The Apple Card was created via a partnership between Apple and Goldman Sachs.
The Apple Card left Goldman Sachs swimming in $1.2 billion of red ink during the first 9 months of 2022 While Goldman Sachs had originally expected the consumer credit division to break even by 2022, that goal has been pushed back to 2025. Goldman reportedly had to spend $350 to"acquire" each Apple Card holder. Also contributing to the red ink was the lack of fees to pump up revenue . Also, the interest charged is competitive leading to a revenue shortfall.
Each Apple Card user that Goldman spent $350 to acquire will start to break even for the bank after four years
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