Goldman’s Apple Card small business has a surprising subprime dilemma

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Goldman’s reduction level on credit card financial loans is the worst amid large U.S. card issuers and “effectively earlier mentioned subprime lenders” at 2.93%, in accordance to a Sept. 6 take note from JPMorgan.
Additional than a quarter of Goldman’s card loans have absent to buyers with FICO scores under 660, in accordance to corporation filings. That could expose the bank to higher losses if the economic system encounters a downturn, as is envisioned by lots of forecasters.
CEO David Solomon will possible confront queries from directors about the client organization at a board assembly later this week, according to people with expertise of the matter.

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