Goldman Sachs submitted a regulatory filing today for its “Platform Solutions” group of businesses that includes Apple Card. The collection of consumer offerings from Goldman is on track for a loss of $4 billion since 2020 with Apple Card making up more than $1 billion of that, according to Bloomberg.
In just the first nine months of 2022, the businesses including Apple Card saw a pretax loss of over $1.2 billion. Looking back to 2020 through the end of September 2022, those losses amounted to $3 billion. But when Q4 results of 2022 are included soon, the number is expected to be close to $4 billion.
The numbers released Friday offer clues into what Goldman has been spending to establish the high-profile Apple Card, created through a partnership with Apple Inc.
The division’s $1 billion pretax loss reported for 2021 was mostly tied to the Apple Card, people with knowledge of the numbers said. And about $2 billion in 2022 mainly stems from the Apple card and installment-lending platform GreenSky, the people said.
Previously, the only financials Goldman had disclosed in its consumer business showed $1.3 billion in losses since inception through mid-2019. That and the about $4 billion three-year loss don’t include the roughly $2.5 billion spent on acquiring installment-loans provider GreenSky as well as other bolt-on acquisitions to beef up the business.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
