Apple Card responsible for more than $1.2B loss for Goldman Sachs

&gt; 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).<p>So no actual losses, and a year from now when those losses don&#x27;t appear, they will record a magic billion dollar profit.

i really don&#x27;t understand where the losses are coming from here. who is giving money to whom? and why isn&#x27;t that clearer in an article about it?

Article seems weak but Apple Card does not sync to personal finance packages so at least for some users a no go. I’d guess impact is small but I’d imagine users paying attention to spend might have stronger credit?<p>The ads I see for the Apple Card are about rebuilding my credit.

Garbage article.

Classic Apple: they weren&#x27;t sure whether a card would be a good idea or not so they did it in a way that shifted a lot of the risk onto someone else (who could handle it) and kept the part good for them.