Goldman, stuck in credit card deals, tries to turn lemons into lemonade:
Goldman Sachs said that its partnerships with Apple and General Motors are hard to exit ...
americanbanker.com/news/goldman-stuck-in-credit-card-deals-tries-to-turn-lemons-into-lemonade
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Goldman seeks profits from hard-to-exit card partnershipsLong-term contracts with Apple and General Motors complicate a short-term exit, so the bank is pursuing lower costs.
Key FactsOct 18, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: americanbanker.com
Summary created with AI assistance · Source: americanbanker.com
- Goldman cannot unilaterally exit its Apple and General Motors partnerships, CEO David Solomon said.
- Solomon said Goldman aims to reduce their drag over the next 12 to 24 months and make them profitable.
- Last week, Goldman agreed to sell GreenSky to institutional investors for an undisclosed price.
- Goldman’s net charge-off ratio for consumer loans fell to 5.1% in the third quarter but exceeded 2.9% a year earlier.
When you make a decision that you think is a wrong decision for shareholders and the firm, you adjust accordingly. So we're doing that, and we're moving forward.— David Solomon, Goldman Sachs CEO, on accountability and pivot away from consumer lending during the company's third-quarter earnings call.
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