The headline isn't an accurate quote. 9to5Mac, quoting the Wall Street Journal:

When Goldman Sachs and Apple launched their joint savings account in April, Goldman held a town hall at its headquarters, where bank executives talked it up. One executive had a different message shortly afterward. “We should have never done this f—ing thing,” the Goldman partner told colleagues.

"Mistake" isn't actually even part of the quote. The headline also implies that this is an observation made by looking back on it, rather than a comment made at launch by someone who may not have even been involved in the project.

Aw poor Goldman Sachs! Geez i really feel for them.

So the more money I put into my Apple savings the more it screws over Goldman? 🤔

HAHAHAHAHAHAHAHA

Fuck em.

I don’t understand how they could be taking such a big loss on those accounts. Federal reserve rates are above 5%…

Also, it’s hard to feel bad for the bank taking a billion dollar loss when they have like 1.5 trillion dollars in assets.

Last year I remember seeing some stories about GS’s issues being caused by people defaulting on the card. It isn’t hard to get approved, so if you have even a middling credit score you can get the credit card. So at first it made sense that a bunch of people who probably shouldn’t have been approved for a credit card got one and got in over their heads.

That being said, the idea of people just not paying interest makes more sense to me. The Apple Card is probably the easiest card to see how much your balance impacts the interest paid. I’ve had the card since it came out and have never paid a dime of interest. I also only use it with Apple Pay meaning at minimum I get 2% cash back. Add to that, the savings account where I get 4.15% every ~~month~~ year. Again, with no fees or interest. I can see that hitting their bottom line.

I’ll play the world’s smallest violin for them. I only hope if GS does offload the program to someone else the terms don’t get worse. Because it has only been upside for me since it launched.

EDIT: Clarified the interest is 4.15% a year, not a month.

The article doesn’t even get into exactly why Goldman is losing money on the deal.