Goldman Sachs is giving up on the Apple Card. But will JPMorgan Chase figure out how to banish the ghost in the machine?

BY MARÍA JOSÉ GUTIERREZ CHAVEZ, EDITORIAL FELLOW

Photos: Courtesy Apple

When Apple first announced the Apple Card in 2019, it dressed up a line of credit in its emblematic sleek design, packaging features like no annual or late fees in white coated titanium alloy. 

But what had the potential to redesign how consumers use credit cards, and act as Goldman Sach’s bridge towards consumer banking ended up a $1 billion flop—and experts are tracing back failures to Steve Jobs.

“There will be some defaults, but in general, you make money owning a portfolio of consumer credit card loans,” said John Coogan, host of Technology’s daily show TBPN. “Not in this case. Goldman is saying, ‘We’ve got to get this off our balance sheet.’ They’ve already lost a billion dollars.”

The 2019 Apple........

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