Goldman cuts personal lending after launching Apple card

Goldman Sachs sharply curtailed its originations of personal loans last year amid the roll-out of its credit card partnership with Apple, according to the American Banker. The New York banking giant reported on 15 January that it sharply curtailed its originations of personal loans last year amid the roll-out of its credit card partnership with Apple. Goldman Sachs’ personal loans outstanding at the end of 2019 were in the $5 billion range, unchanged from a year earlier. The company started offering personal loans under its Marcus brand in the fall of 2016 and hit $4 billion in originations in less than two years. The company retains all of its personal loans on its own books.

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