Goldman’s CEO in a memo, calls Apple Out for a start on the day of the launch

FILE PICTURE: David M. Solomon, President and Chief Operating Officer of Goldman Sachs, speaks at the Milken Institute, of the 21st Global Conference in Beverly Hills, California, united states, April 30, 2018. REUTERS/Lucy Nicholson

NEW YORK (Reuters) – Goldman Sachs Group Inc’s (GS.(N) formally, a credit card lender, on Tuesday the rollout of its first consumer product from Apple Inc’s (AAPL.Oh, but the bank’s ambitions to grow much bigger in the consumer lending, the company’s chief executive, said in an internal memo seen by Reuters.

The virtual credit card, which will be launched officially for all consumers in the united states, Goldman was the first one, and it does have a lot of pressure due to the Wall Street bank, is to build up a young consumer’s business.

“Apple’s Map is great, but it’s a start,” Goldman’s CEO, David Solomon, wrote in an internal e-mail to employees. “In the coming decades, I expect that we will be a leader in our consumer business, just as we, in our institutional and corporate business.”

Solomon did not say whether or not the bank is on the lookout for other partners and to launch more co-branded credit cards, like it did with the Apple.

But, in the description of the area of the bank’s headquarters in New York, where the credit card business is being developed,” he said of the employees who work for action for the strategy for Solomon, the bank’s future growth, “the co-operation of the teams within the company and in the divisions…of A Goldman Sachs.”

Goldman has started the sales of consumer banking products to retail customers, that is, three years ago, with the introduction of the Mark, of the bank. Marcus now has more than $5 billion in loans and more than $50 billion in deposits from about 4 million people in the United States and the united Kingdom.

Reporting By Elizabeth Dilts; Editing by Chizu Nomiyama and David Gregorio

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