“Platform Solutions” is the name of the division that includes Apple Card, several General Motors credit cards, and Goldman’s other consumer banking services. Now Goldman has shared its Q2 2023 earnings and the results show continued trouble for Apple Card and Goldman’s other consumer products. The exact amount of losses Goldman Sachs has seen with its Apple partnership isn’t quite clear, but since 2020 it’s somewhere in the ballpark of $1-3 billion.Įarlier this year we learned those consumer banking losses have come mostly from Apple Card and a Goldman acquisition called GreenSky.Īs for why Goldman is seeing such a tough time with its nascent consumer banking offerings, the company says the primary cause is loan-loss provisions which are when a bank has to compensate for greater than expected unpaid credit card balances and loans. Now amid rumors that Apple is looking to leave Goldman for Amex, the former has reported its Q2 earnings and the results aren’t pretty. Back in January, we learned that Apple Card has been responsible for more than a billion dollars in losses for Goldman Sachs in recent years.
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