[rickdeckard]

Goldman Sachs is first and foremost a trading bank.

Consumer Banking is not a field they are experienced in. They launched their consumer banking division only in 2016, hoping to create an additional revenue stream. It didn't grow as expected, so ~2018 they obviously pivoted to the idea to grow this business by working with companies like Apple and GM (so bluntly put: not focusing on customer service but on corporate negotiations)

So now after 5 years reality seems to set in. First for Goldman Sachs that it's not that simple to do a lean-scaling Consumer product, and second for Apple and GM that they were hoping to outsource this complexity to a experienced player which didn't turn out as expected...

All that excluding the fact that the Apple Card was never really a natural fit in Apple's digital-service core portfolio anyway...