Sources say Goldman Sachs has given up consumer credit card business other than Apple Card.

CTOnews.com February 16 news, according to CNBC reports, Goldman Sachs has abandoned the expansion of consumer credit business, cut off all consumer credit card business except Apple Card.

CTOnews.com learned from the report that Goldman's consumer division has suffered heavy losses and that the bank has suspended Marcus savings accounts and planned digital checking accounts.

Goldman posted a loss of $1.2 billion in 2022 due to loan-loss reserves. David Solomon, Goldman's chief executive, had wanted the bank to step up efforts to develop financial services for consumers and promote Apple Card and other consumer services.

Bloomberg reported that Apple's "Apple pay later,""Apple Card Savings Account," iPhone hardware subscription plan and Apple Pay Monthly Installations "four financial services were postponed. A follow-up partnership between Apple and Goldman Sachs could suffer from huge losses.