Goldman Sachs CEO David Solomon known as his financial institution’s rollout of the Apple Card “essentially the most profitable bank card launch ever.” CNBC stories:

Solomon offered buyers with an replace on the financial institution’s new initiatives firstly of a convention name Tuesday.

“In three brief years, we’ve got raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and constructed a brand new credit-card platform and launched Apple Card,” Solomon stated, including “which we consider is essentially the most profitable bank card launch ever.”

Persevering with on the Apple Card, which the financial institution in-built partnership with the iPhone maker, Solomon stated that “since August, we’ve been happy to see a excessive stage of shopper demand for the product. From an operational and threat perspective, we’ve dealt with the inflows easily and with out compromising our credit score underwriting requirements.”