Is Goldman Sachs Bleeding From Apple Card Tieup? What A Closer Look At Q2 Results Reveals
Portfolio Pulse from Shanthi Rexaline
Goldman Sachs Group, Inc. (GS) reported a 60% YoY drop in Q2 profits, partly attributed to its partnership with Apple, Inc. (AAPL). The bank's Q2 provisioning for credit losses was $615 million, reflecting net provisions related to credit card and point-of-sale loan portfolios. The Platform Solutions business segment, which includes the Apple Card business, reported a revenue of $659 million but a net loss of $672 million. Goldman is reportedly trying to transition the Apple credit card portfolio to American Express.
July 20, 2023 | 8:31 am
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Goldman Sachs' Q2 profits dropped significantly, partly due to its partnership with Apple. The bank is reportedly trying to transition the Apple credit card portfolio to American Express, which could potentially alleviate some of the financial strain.
The reported 60% YoY drop in Goldman Sachs' Q2 profits, partly attributed to its partnership with Apple, is a significant negative impact. The bank's attempt to transition the Apple credit card portfolio to American Express indicates a potential strategy to mitigate these losses.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Apple's partnership with Goldman Sachs has been partly blamed for the latter's significant drop in Q2 profits. However, the impact on Apple is unclear as Goldman is reportedly trying to transition the Apple credit card portfolio to American Express.
While Goldman Sachs' Q2 profit drop is partly attributed to its partnership with Apple, the direct impact on Apple is unclear. The transition of the Apple credit card portfolio to American Express could potentially affect Apple's financials, but the extent is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
First Republic Bank's collapse was mentioned in relation to Goldman Sachs' Q2 provisioning for credit losses. However, the direct impact on First Republic Bank is not clear from the article.
The article mentions the collapse of First Republic Bank in relation to Goldman Sachs' Q2 provisioning for credit losses. However, the direct impact on First Republic Bank is not clear from the information provided in the article.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30