Goldman’s consumer business has had a bumpy ride as of late, marked by mounting losses, leadership turnover and missed product deadlines.
Goldman's credit card business, anchored by the Apple Card since 2019, has arguably been the company's biggest success yet in terms of gaining retail lending scale. It's the largest contributor to the division's 14 million customers and $16 billion in loan balances, a figure that Goldman said would nearly double to $30 billion by 2024.
Charge-off rates tend to be highest during the first few years a user has a card; as Goldman's pool of customers ages and struggling users drop out, those losses should calm down, the people said. The bank leans on third-party data providers to compare metrics with similar cards of the same vintage and is comfortable with its performance, the people said.
Meanwhile, JPMorgan said 12% of its loans were to users with below-660 scores, and Bank of America said that 3.7% of loans were tied to FICO scores under 620.
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