Credit Cards

The Apple Card is the start of Goldman’s transformation into a consumer powerhouse, CEO says


With the official launch of the Apple Card, Goldman Sachs is embarking on a multi-decade journey to becoming a leader in consumer banking just as it has been in Wall Street banking and trading, CEO David Solomon said.

“Apple Card is big, but it’s also a beginning,” Solomon said Tuesday in an internal memo obtained by CNBC. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the core of everything we do.”

The co-branded credit card rolled out Tuesday to all U.S. customers, featuring a cash-back policy of up to 3% as well as a titanium, laser-etched physical card.

“Apple Card makes a typically frustrating application process easy; it provides an interface with more useful information for the customer; and it places greater importance on customer privacy and security,” Solomon said.

Apple wanted Goldman to approve as many as 100 million-plus U.S. iPhone users and the bank is dipping into subprime lending with the card, CNBC previously reported.