Governments need to focus on AI’s real impact, not get caught up in the hype generated by Big Tech 
Japanese Pizza Chain Expands Nationwide Delivery of Dog-Friendly Wanko Pizza 
Ethereum Investor Turns $87K into $38M, Sells 350 ETH for Nearly $1M in 8 Years 
Bitcoin Primed for $92K Surge as Analysts Forecast Bullish Three-Month Recovery 
Tesla’s Cybertruck Set to Make Its Debut in New Regions as October Deliveries Begin 
UniCredit CEO Orcel Says Merger with Commerzbank Could Boost Shareholder Value 
The internet is worse than it used to be. How did we get here, and can we go back? 
Crypto and Commodities Set for Major Surge as Global Liquidity Expands, Analysts Predict 
Burger King Unveils My Hero Academia Menu in France Featuring Deku and Bakugo Burgers 
Tesla Begins Hiring in Manila, Signaling Potential Expansion Into Philippine EV Market 
Burger King’s Halloween Menu Rumored to Feature Addams Family-Themed Treats This October 
Tesla Model 3 Tops Singapore’s Sedan Sales in August 2024, Outperforming Rivals 
Chick-fil-A's Secret Chocolate Covered Banana Milkshake Hack Is a Must-Try Dessert 
Top Electric Vehicles You Can Lease for Under $300 a Month This September 
SEC's 'Politicized Approach' to Crypto Sparks Debate: Ex-Officials Speak Out 
$103 Million Bitcoin Whale Withdrawal Sends Shockwaves Through Market as Fed Decision Looms 
Apple Card’s losses have exceeded $6 billion, leaving Goldman Sachs searching for a way out of the partnership. The bank’s consumer division continues to suffer financially, with no clear path to recovery in sight.
Apple Card Partnership Drags Goldman into Billions in Losses
As losses keep piling up, Goldman Sachs is still considering ending its alliance with Apple.
The Wall Street Journal has reported that Goldman Sachs' consumer business will be in disarray this quarter, costing the company $400 million.
David Solomon, CEO of Goldman Sachs, said at a conference this week that the sale of real estate loans and the dissolution of the company's credit card association with General Motors are the two main sources of this $400 impact.
General Motors’ Credit Card Business Heading to Barclays
The card business of General Motors, which has over $2 billion in balances, will reportedly be sold to Barclays.
Since the start of 2020, "on a big chunk of its consumer-lending businesses, including its credit cards," Goldman Sachs has lost more than $6 billion before taxes.
Apple Card Losses Double Industry Charge-Off Rates
Past reporting has shown that charge-off rates roughly double those of comparable credit cards, which is one of several reasons contributing to Apple Card's enormous losses for Goldman.
Apple Card was supposed to help Goldman Sachs' consumer banking expansion ambitions, according to 9to5Mac. However, the bank has chosen to leave the consumer industry entirely in the years that have passed, including consumer loans and other products.
Goldman Sachs Eyes Exit from Apple Partnership
In the long run, Goldman Sachs hopes to end its agreement with Apple—the one that includes the Apple Card and the Apple Card Savings Account—as soon as possible.
There is a total of $17 billion on Apple Card balances at the moment. Goldman Sachs may incur even greater losses from the sale of its Apple partnership than it did from the sale of General Motors to Barclays, according to the Wall Street Journal.
“Sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months.” Apple was reportedly informed of this in November by The Wall Street Journal. What will happen to that proposal now is anybody's guess.
Rumor has it that Goldman has approached American Express and Synchrony Financial about potentially acquiring Apple's card business.
