November 17, 2019 Finance and Tech Publication

Goldman Sachs CEO says Apple Card is the most successful credit card launch ever

Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California.

Noah Berger | AFP | Getty Images

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.

Related Posts

Here are the best analyst calls of the week on Wall Street, including Apple, Live Nation

November 16, 2019

November 16, 2019

A trader works next to a Grubhub Inc. paper bag on the floor of the New York Stock Exchange (NYSE)...

Jefferies has a ‘black swan’ warning for the video game industry, but investors aren’t worried yet

November 16, 2019

November 16, 2019

(This story is part of the Weekend Brief edition of the Evening Brief newsletter. To sign up for CNBC’s Evening...

This fund manager is up nearly 40% this year by betting on ‘misunderstood’ ideas

November 16, 2019

November 16, 2019

Nick Schommer, Janus Henderson Source: Janus Henderson (This story is part of the Weekend Brief edition of the Evening Brief...

These 4 mega-cap consumer stocks have crushed fears of disruption and the market in the process

November 16, 2019

November 16, 2019

(This story is part of the Weekend Brief edition of the Evening Brief newsletter. To sign up for CNBC’s Evening...

Economic growth is close to zero for the fourth quarter, according to Fed gauges

November 15, 2019

November 15, 2019

An assembly line worker works on the production line at Midwest Automotive Designs in Bristol, Indiana, April 16, 2019. Tim...

Cashaa Announces U.S. Dollar Bank Accounts for Cryptocurrency Firms

November 15, 2019

November 15, 2019

Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries. ...

T. Rowe, Fidelity get green light to launch special funds allowing them to join the ETF boom

November 15, 2019

November 15, 2019

Traders work on the floor of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images The Securities...

Here are the biggest analyst calls of the day: Qualcomm, Nvidia, Apple & more

November 15, 2019

November 15, 2019

Steve Mollenkopf, CEO of Qualcomm. Adam Jeffery | CNBC Here are the biggest calls on Wall Street on Friday: Mizuho...

Barclays makes the case for an Uber stock ‘double’

November 15, 2019

November 15, 2019

Uber CEO Dara Khosrowshahi arrives at the New York Stock Exchange as his company makes its initial public offering, Friday,...

Wall Street is getting very bullish as stocks hit records. Here’s why that’s worrisome

November 15, 2019

November 15, 2019

A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019,...

Warren Buffett’s Berkshire Hathaway reveals new stake in furniture retailer RH, shares surge

November 14, 2019

November 14, 2019

Berkshire Hathaway owned 1.2 million shares of furniture retailer RH, formerly known as Restoration Hardware, at the end of the...

Here’s what every major analyst expects from Nvidia’s earnings report after the bell

November 14, 2019

November 14, 2019

Jensen Huang, president and CEO of Nvidia, speaks during the company’s event at the 2019 Consumer Electronics Show in Las...

The move to free stock trading led to a big jump in new accounts for Charles Schwab

November 14, 2019

November 14, 2019

A pedestrian passes in front of a Charles Schwab Corp. bank branch in downtown Chicago, Illinois. Christopher Dilts | Bloomberg...

Here are the biggest analyst calls of the day: Apple, Verizon, Beyond Meat, & more

November 14, 2019

November 14, 2019

Tim Cook at the Apple launch event in Cupertino Calif. on Sept. 10th, 2019. Source: Apple Here are the biggest...

Credit Suisse says Tesla is running out of time as the major electric car maker, shares to dive 40%

November 14, 2019

November 14, 2019

Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday,...