Goldman Sachs CEO David Solomon known as his financial institution’s rollout of the Apple Card “essentially the most profitable bank card launch ever.” CNBC stories:
Solomon offered traders with an replace on the financial institution’s new initiatives firstly of a convention name Tuesday.
“In three quick years, we now have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and constructed a brand new credit-card platform and launched Apple Card,” Solomon mentioned, including “which we imagine is essentially the most profitable bank card launch ever.”
Persevering with on the Apple Card, which the financial institution inbuilt partnership with the iPhone maker, Solomon mentioned that “since August, we’ve been happy to see a excessive stage of shopper demand for the product. From an operational and danger perspective, we’ve dealt with the inflows easily and with out compromising our credit score underwriting requirements.”