> 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).
Interesting aspect not mentioned in this article: "…when the latest quarter’s figures are added, [Goldman Sachs] Platform Solutions is on track for a total three-year loss of $4 billion, with Apple Card making up more than $1 billion of that figure."
It wasn't flagged, the user's account is shadow banned for an inexplicable reason. I vouched for the comment (though on my browser, it's still dead after a refresh; is vouch broken?).
(I looked at comment history, up until today, all they posted were links around WSJ paywalls, and only about four of those...five years ago.)
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[ 0.20 ms ] story [ 32.9 ms ] threadhttps://news.ycombinator.com/item?id=34384694
> 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).
https://www.pcmag.com/news/apple-card-has-cost-goldman-sachs...
Not sure why it was flagged.
(I looked at comment history, up until today, all they posted were links around WSJ paywalls, and only about four of those...five years ago.)