4 ms·
Goldman Sachs posts its worst earnings miss in a decade as revenue falls
- techdragon 4y agoCouldn’t happen to a nicer bunch of selfish Wall Street assholes.
- DownWithTheWall 4y agoApple Card responsible for more than $1 billion in losses for Goldman Sachs https://news.ycombinator.com/item?id=34384694 https://news.ycombinator.com/item?id=34384694 > 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).
- CharlesW 4y agoInteresting aspect not mentioned in this article: "…when the latest quarter’s figures are added, [Goldman Sachs] Platform Solutions is on track for a total three-year loss of $4 billion, with Apple Card making up more than $1 billion of that figure." https://www.pcmag.com/news/apple-card-has-cost-goldman-sachs-over-1-billion-in-losses https://www.pcmag.com/news/apple-card-has-cost-goldman-sachs...
- deleted 4y ago[deleted]
- googlryas 4y agoHow do you lose $1B on a credit card? The article says customer service issues but that's a lot of customer service...
- s1artibartfast 4y agoIf you turn on Show dead, this thread has a comment and link explaining it. Not sure why it was flagged.
- mikestew 4y agoIt wasn't flagged, the user's account is shadow banned for an inexplicable reason. I vouched for the comment (though on my browser, it's still dead after a refresh; is vouch broken?). (I looked at comment history, up until today, all they posted were links around WSJ paywalls, and only about four of those...five years ago.)
- s1artibartfast 4y agonot sure If vouch is broken, but it didn't work for me either, and havent seen it do so in a while.
- funstuff007 4y agoBut, it was still profitable. More work for the Fed to do. Either Fed Funds end up north of 6%, or they speed up the balance sheet unwind.
- deleted 4y ago[deleted]