Goldman Sachs CEO: Apple Card kickstarts Goldman’s transformation into a powerhouse that serves cons

The move was appaluded by shareholders, but seen as a blow to Solomon's transformation efforts. The consumer division has also been plagued by a probe by the Consumer Financial Protection Bureau into its credit-card practices, disclosed in August. The Federal Reserve has also taken up a review of the unit, according to Bloomberg.

Goldman Sachs CEO: Apple Card is the start of Goldman’s transformation into a consumer powerhouse

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Goldman, long known as a Wall Street powerhouse, is not abandoning its consumer aims entirely. It's continuing to draw in consumer deposits through its Marcus savings accounts and certificates of deposit, and it will lean into its credit card partnerships with Apple and General Motors. Also, its GreenSky point-of-sale lending platform, which Goldman bought last year and focuses on home improvement and health care-related loans, has grown. 2ff7e9595c