Goldman Sachs Wants to Opt Out Of Consumer Lending - Including Apple Card, General Motors Card
Portfolio Pulse from Anusuya Lahiri
Goldman Sachs is reportedly reconsidering its venture into consumer lending, including the Apple credit card and General Motors card, due to operational and financial challenges. The bank is selling GreenSky at a significant loss and has offloaded most of its portfolio of personal loans. The Consumer Financial Protection Bureau is investigating Goldman's credit card account management practices. The bank's partnership with Apple is under review, with options including allowing Apple to assume a more significant role or offloading the consumer products to American Express.
October 16, 2023 | 12:32 pm
News sentiment analysis
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NEGATIVE IMPACT
Goldman Sachs is facing challenges in its consumer lending venture, which may lead to a strategic shift.
The news of Goldman Sachs reconsidering its consumer lending venture due to operational and financial challenges is likely to negatively impact the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Apple's partnership with Goldman Sachs for the Apple credit card is under review.
The review of Apple's partnership with Goldman Sachs may have an uncertain impact on Apple's stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
American Express may potentially take over Goldman Sachs' consumer products.
The potential of American Express taking over Goldman Sachs' consumer products could positively impact the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60