Goldman Sachs posts its worst earnings miss in a decade as revenue falls

cnbc.com

47 points·SirLJ··8 comments

Interesting aspect not mentioned in this article: "…when the latest quarter’s figures are added, [Goldman Sachs] Platform Solutions is on track for a total three-year loss of $4 billion, with Apple Card making up more than $1 billion of that figure."

https://www.pcmag.com/news/apple-card-has-cost-goldman-sachs...

How do you lose $1B on a credit card? The article says customer service issues but that's a lot of customer service...

If you turn on Show dead, this thread has a comment and link explaining it.

Not sure why it was flagged.

It wasn't flagged, the user's account is shadow banned for an inexplicable reason. I vouched for the comment (though on my browser, it's still dead after a refresh; is vouch broken?).

(I looked at comment history, up until today, all they posted were links around WSJ paywalls, and only about four of those...five years ago.)

not sure If vouch is broken, but it didn't work for me either, and havent seen it do so in a while.

Couldn’t happen to a nicer bunch of selfish Wall Street assholes.

But, it was still profitable. More work for the Fed to do. Either Fed Funds end up north of 6%, or they speed up the balance sheet unwind.

Apple Card responsible for more than $1 billion in losses for Goldman Sachs

https://news.ycombinator.com/item?id=34384694

> The main cause of the losses is said to be from loan-loss provisions (when a bank sets aside money as an expense for future loans it expects won’t be repaid).

Reply on news.ycombinator.com