$GS Goldman’s Apple Card business has a surprising subprime problem Goldman’s loss rate on credit card loans is the worst among big U.S. card issuers and “well above subprime lenders” at 2.93%, according to a Sept. 6 note from JPMorgan. cnbc.com/2022/09/12/gol…
The profile of Goldman’s card customers actually resembles that of issuers known for their subprime offerings. More than a quarter of Goldman’s card loans have gone to customers with FICO scores below 660
Goldman’s losses are also higher than that of Capital One, the largest subprime player among big banks, which had a 2.26% charge-off rate.
“If there’s one thing Goldman is supposed to be good at, its risk management,” said Jason Mikula, a former Goldman employee who now consults for the industry. “So how do they have charge-off rates comparable to a subprime portfolio?”
$COF 30% of its loans were to customers with FICO <660, a band that contains near-prime and subprime users. $GS sub-660 customers was 28% as of June.
Meanwhile, $JPM 12% of its loans were to users with <660 scores, $BAC said that 3.7% of loans were tied to FICO scores under 620.
Meanwhile, $JPM 12% of its loans were to users with <660 scores, $BAC said that 3.7% of loans were tied to FICO scores under 620.
$GS Finger-pointing among execs begins at Goldman Sachs, immediately turns nasty pagesix.com/2022/09/14/fin…
$GS ‘s head of IB sounds like Cathie in this interview. #puts.
$GS “We’re told that top execs are less tickled by Solomon’s sideline as a DJ now that the economy is looking more grim.” 
$GS Goldman Sachs yanks ‘free coffee’ perk as bankers return to five-day week. nypost.com/2022/09/11/gol…
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