Goldman Sachs CEO David Solomon called his bank’s rollout of the Apple Card “the most successful credit-card launch ever.”
Solomon provided investors with an update on the bank’s new initiatives at the start of a conference call Tuesday.
“In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card,” Solomon said, adding “which we believe is the most successful credit-card launch ever.”
Continuing on the Apple Card, which the bank built in partnership with the iPhone maker, Solomon said that “since August, we’ve been pleased to see a high level of consumer demand for the product. From an operational and risk perspective, we’ve handled the inflows smoothly and without comprising our credit underwriting standards.”
The bank is also building “next generation” electronic trading platforms and a new corporate cash management business, he said.
“Taken together, these investments draw on our returns in the short term, but are critical to expanding our capabilities and our competitive position,” Solomon said.