Goldman Sachs’ third-quarter earnings may be the final straw for the Apple Card as the Wall Street giant faces internal pressure to exit the consumer-lending space. The Apple partnership has long been seen as a distraction from Goldman’s core business, the Wall Street Journal reported Monday. In regards to the recently launched Apple savings accounts, a Goldman partner told colleagues, “We should have never done this f—ing thing.
” Apple’s Tim Cook said around the same time that the card would be “the most significant change in the credit card experience in 50 years.” The tone has certainly shifted, and many Goldman executives are questioning whether the foray into consumer banking should have ever happened. The partnership between the two powerhouses of Silicon Valley and Wall Street, once lauded as innovative, is now one of the most scrutinized decisions in Solomon’s career.
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