Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 14, Goldman Sachs recently submitted documents about its "Platform Solutions" business, which includes Apple Card, to regulators. The document mentions that since 2020, cumulative losses on consumer-oriented products have been nearly $4 billion (currently about 26.96 billion yuan), while the Apple Card business has lost more than $1 billion (currently about 6.74 billion yuan).

Goldman Sachs' Platform Solutions business unit said the current performance situation is grim, according to Bloomberg. In the first nine months of 2022 alone, pre-tax losses on businesses, including Apple Card, exceeded $1.2 billion (currently about 8.088 billion yuan).

According to the report, Goldman's Platform Solutions business lost $3 billion (currently about 20.22 billion yuan) between 2020 and September 2022. The business's performance in the fourth quarter of 2022 was even worse, meaning it lost nearly $4 billion over the past three years (currently about 26.96 billion yuan).

CTOnews.com small class: Apple Card, launched in the US market in August 2019, is an online banking credit card jointly developed by Apple and Goldman Sachs, mainly for Apple Pay services.

Most of the $1 billion (currently about 6.74 billion yuan) in losses in 2021 came from Apple Card, according to people familiar with the matter. The $2 billion (currently about 13.48 billion yuan) loss in 2022 is believed to have come mainly from Apple Card and another Goldman Sachs lending platform called GreenSky.

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