NEW YORK: Goldman Sachs Group Inc's credit card is expected to appear in Apple Inc stores as soon as this week, introducing another major touchpoint with affluent, tech-savvy consumers the Wall Street bank hopes to lure.
"There is a great deal of buzz," said Barclays analyst Jason Goldberg, comparing Goldman's offering to JPMorgan Chase & Co's popular Sapphire credit card."We expect solid issuance right out of the box." For one, the bank has precious little experience dealing with Main Street borrowers. Many economists and analysts believe the United States is overdue for a recession, which makes the timing of Goldman's card roll-out less than ideal.
Those three projects dragged down Goldman's return-on-equity by 60 basis points in the second quarter, Scherr said. But he predicted they will bolster profits once they are running at full-scale.