Sources: Goldman Sachs' Platform Solutions lost ~$2B in 2022, mostly due to the Apple Card and Goldman's installment-lending platform GreenSky
including Goldman's Apple Card — now packaged into the segment dubbed Platform Solutions racked up more than $1.2 billion in pretax losses in last year's first nine months, with the drop accelerating every quarter. $GS https://www.bloomberg.com/...
Goldman Sachs lost $1.2 billion due to Apple Card because of low fees and loan loss provisions. Tim Cook is too smart even for the bankers at GS and crafted a deal where they lose money to provide a service to Apple customers. I wouldn't want to play chess against this guy. https…
@WhittyPics “The main cause of the losses is said to be from loan-loss provisions (when a bank sets aside money as an expense for future loans it expects won't be repaid).” OOF! People buying Apple products, etc, and not paying their loans back. Bad sign for tech demand. Recessio…
The collection of businesses — including Goldman's Apple Card — now packaged into the segment dubbed Platform Solutions racked up more than $1.2 billion in pretax losses in last year's first nine months, with the drop accelerating every quarter. $GS https://www.bloomberg.com/...