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Where do the losses come from? Paying interest? Why can't GS learn to bank?
by schnable 3y ago
Where do the losses come from? Paying interest? Why can't GS learn to bank?
- bombcar 3y agoGS is not a consumer bank, and they're trying to play as a consumer bank, and they didn't just buy a consumer bank. You don't know what you don't know until you try, and they got burned. I'm sure that they always have done "consumer bank-like stuff" but it's more like a favor to their big customers than an actual business, kind of like when a business that doesn't offer delivery will still drive stuff over to the owner's house. And someone sold someone the bill of goods that Apple customers are "so perfect" and "high value" that the customer service will be absolutely minimal ...
- tiltowait 3y agoArticle from February, but things probably haven't changed much: https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sachs-losses/ https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sa...