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Apple Card's explosive growth blamed for Goldman Sachs troubles
source link: https://appleinsider.com/articles/22/08/09/apple-cards-explosive-growth-blamed-for-goldman-sachs-troubles?
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The rapid expansion of Apple Card reportedly led to a wave of disputed transactions — which Goldman Sachs says were mishandled by outside vendors.
Comments (2)
JP234
said about 1 hour agoOh, poor Goldman Sachs! They issued a credit card they don't have the infrastructure to support, and farmed service out to a bunch a fly-by-night operators. And now, they're getting complaints from customers, and under investigation by the Consumer Financial Protection Bureau. Who could have foreseen that a company formerly run by the great Steve Mnuchin would have the hubris to tell a compay like Apple, "don't worry, we can handle it."
When you don't have enough staff to run your operation, I guess you have to make a choice:
1) Do like the airlines, and just sell, sell, sell and worry about the bad PR, lawsuits and government investigations later
2) Cut back or sell the operation to someone who can handle it
3) Hire enough staff to handle the business
Looks like GS has chosen option 1. And remember, "we are experiencing a larger volume of calls and longer than expected delays, but your call is very important to us. Please hold, a representative will be with you momentarily. Thank you for choosing Goldman Sachs." (Translation: You're going to be on hold forever, so please give up now.)
2) Cut back or sell the operation to someone who can handle it
3) Hire enough staff to handle the business
Looks like GS has chosen option 1. And remember, "we are experiencing a larger volume of calls and longer than expected delays, but your call is very important to us. Please hold, a representative will be with you momentarily. Thank you for choosing Goldman Sachs." (Translation: You're going to be on hold forever, so please give up now.)
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