Goldman Sachs CEO David Solomon said that the new jointly-created Apple Card is a major step in its journey to becoming a player in the consumer finance industry.
Solomon, who attended Apple’s Monday event unveiling the card and other new services, addressed the joint effort in a memo to employees.
“Apple Card completely changes the credit card experience and is built to help customers lead a healthier financial life,” Solomon, 57, said. “We’re excited to partner with Apple on this card, which is designed to be truly on the side of the customer.”
The Apple product is meant to be simple and transparent, and that ethos meshes with the stated principles of Goldman’s consumer finance division. Marcus has more than 3 million customers, $45 billion in deposits and $5 billion in consumer loan balances so far, he said.
“This partnership is a major step in the growth of our consumer franchise, furthering our vision to create the leading digital consumer platform,” Solomon said.