Comment by ksec
2 days ago
I would imagine Goldman want out. They were never a retail banking firm to begin with. And sell the current Apple Card division with debt and customer base packaged at a discount.
Consider the transition takes 24 months I wouldn't be surprised if the discount allow them to run three years with clause to terminate at later date. The downside and exposure should be limited with great upside on worldwide launch.
But judging from Apple's speed with their execution in Apple Wallet this will likely take a lot longer than expected.
Yeah I was surprised finding out it's Goldman card - I haven't heard about Goldman doing a consumer cards before that (and I have a lot of cards).
I mean I dont fault Goldman for doing it, if they really want to venture into consumer sector there is no better partner than Apple to do it.
But the execution has been absolutely appalling.