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

Solomon offered traders with an replace on the financial institution’s new initiatives in the beginning of a convention name Tuesday.

“In three quick years, we have now 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 mentioned, including “which we imagine 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 mentioned that “since August, we’ve been happy to see a excessive degree 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.”