Goldman's (GS) Apple Card lag luam muaj teeb meem tsis txaus ntseeg

Cov neeg qiv nyiaj qis tshaj plaws hauv Asmeskas tau pib tsis them nyiaj thiab ua tsis tiav ntawm lawv cov nyiaj qiv, thiab qhov ntawd tshwm sim ntawm qhov chaw xav tsis thoob: Goldman Sachs.

Thaum cov neeg sib tw nyiam Bank of America txaus siab rau cov nqi them rov qab ntawm lossis nyob ze cov ntaub ntawv, Goldman tus nqi poob ntawm credit card qiv ntaus 2.93% hauv lub quarter thib ob. Qhov ntawd yog qhov phem tshaj plaws ntawm cov tuam txhab lag luam loj hauv Teb Chaws Asmeskas thiab "zoo tshaj cov qiv nyiaj subprime," raws li tsab ntawv ceeb toom Cuaj Hlis 6 los ntawm JPMorgan.

Cov profile ntawm Goldman cov neeg siv daim npav tiag tiag zoo ib yam li cov neeg lag luam paub txog lawv cov khoom siv subprime. Ntau tshaj li ib feem peb ntawm Goldman daim npav qiv nyiaj tau mus rau cov neeg siv khoom nrog FICO cov qhab nia qis dua 660, raws li ntawv thov. Qhov ntawd tuaj yeem ua rau lub txhab nyiaj poob qis dua yog tias kev lag luam ntsib kev poob qis, raws li xav tau los ntawm ntau tus kws tshaj lij.

"Cov neeg poob lawv txoj haujlwm thiab koj muaj kev nce nqi ntawm 40 xyoo siab; uas yuav cuam tshuam rau subprime pawg ntau dua vim lawv nyob them daim tshev them nyiaj, " Michael Taiano, tus thawj coj loj ntawm Fitch Ratings, tau hais hauv kev xam phaj. "Nrog Goldman cov lus nug yuav yog, puas yog lawv loj hlob sai heev rau lub sijhawm dhau los?"

Lub dynamic los ntawm lub sijhawm rhiab heev rau CEO Davi Xalaumoo. Raws li kev ntxhov siab los txhim kho lub txhab nyiaj cov nqi lag luam, Goldman qhov kev lag luam poob rau cov neeg siv khoom tau kos headlines thiab kev npau taws ntawm qee cov tub ua lag luam thiab cov neeg sab hauv. Lub tuam txhab peev nyiaj tau pib nws txoj kev tawm tsam rau cov neeg siv khoom siv nyiaj txiag hauv 2016 kom muaj ntau haiv neeg los ntawm nws cov kev muaj zog ib txwm muaj ntawm Wall Street kev lag luam thiab kev tawm tswv yim.

Tab sis txoj kev taug mus yog ib qho nyuaj, cim los ntawm kev coj noj coj ua nuj nqis thiab cov neeg ua haujlwm tawm mus, tsis tuaj Cov khoom siv sijhawm kawg, tsis meej pem txog kev tsim khoom lag luam, kev tswj hwm sojntsuam thiab mounting losses.

Xalaumoo tej zaum yuav ntsib cov lus nug los ntawm cov thawj coj txog cov neeg siv khoom lag luam ntawm lub rooj sib tham tom qab lub lim tiam no, raws li cov neeg paub txog qhov teeb meem. Muaj kev tsis pom zoo sab hauv txog leej twg Xalaumoo tau xaiv los ua tus thawj coj lag luam tseem ceeb, thiab cov neeg sab hauv vam tias nws tso cov thawj tswj hwm muaj zog, cov neeg hais. Qee tus xav zoo li Xalaumoo, uas lub hli ci ntsa iab ua DJ ntawm lub rooj sib txoos thoob ntiaj teb, tau dhau mus dhau lawm, muab nws tus kheej lub npe ua ntej ntawm lub txhab nyiaj, cov neeg hais.

Goldman's credit card lag luam, anchored los ntawm Apple Card txij li xyoo 2019, tau sib cav tias yog lub tuam txhab txoj kev vam meej tshaj plaws tsis tau hais txog qhov tau txais cov khoom muag qiv nyiaj. Nws yog tus pab cuam loj tshaj plaws rau kev faib khoom 14 lab tus neeg siv khoom thiab $ 16 nphom hauv kev qiv nyiaj, ib daim duab uas Goldman tau hais tias yuav ze li ob npaug rau $ 30 nphom los ntawm 2024.

Tab sis kev poob siab nce hem ua rau daim duab ntawd. Cov neeg qiv nyiaj pom zoo qiv nyiaj tsis zoo "them tawm" tom qab tus neeg siv khoom tsis them nyiaj rau rau lub hlis; Goldman's 2.93% net them-tawm tus nqi yog ob npaug ntawm 1.47% tus nqi ntawm JPMorgan daim npav lag luam thiab siab dua li Bank of America 1.60%, txawm tias yog ib feem ntawm cov neeg tawm tswv yim loj.

Goldman qhov poob kuj siab dua li ntawm capital ib, tus neeg ua si subprime loj tshaj plaws ntawm cov tsev txhab nyiaj loj, uas muaj 2.26% tus nqi them tawm.

Jason Mikula, tus qub Goldman tus neeg ua haujlwm uas tam sim no sab laj rau kev lag luam hais tias "Yog tias muaj ib yam uas Goldman yuav tsum ua tau zoo, nws txoj kev tswj hwm kev pheej hmoo," "Yog li ua li cas lawv thiaj li muaj cov nqi them tawm piv rau cov khoom lag luam subprime?"

Qhov laj thawj loj tshaj plaws yog vim tias Goldman cov neeg siv khoom tau nrog lub txhab nyiaj tsawg dua ob xyoos ntawm qhov nruab nrab, raws li cov neeg paub txog kev lag luam.

Tus nqi them tawm zoo li yuav siab tshaj thaum thawj ob peb xyoos uas tus neeg siv muaj daim npav; Raws li Goldman lub pas dej ua ke ntawm cov neeg siv khoom muaj hnub nyoog thiab cov neeg siv tawm tsam tawm, cov kev poob yuav tsum tsis txhob poob siab, cov neeg hais. Lub txhab nyiaj leans ntawm cov chaw muab ntaub ntawv thib peb los sib piv cov kev ntsuas nrog cov ntawv zoo sib xws ntawm tib lub vintage thiab zoo siab rau nws qhov kev ua tau zoo, cov neeg hais.

Lwm lub tsev txhab nyiaj kuj zoo li yuav nruj dua hauv kev nrhiav kom rov qab tau cov nuj nqis, uas txhim kho cov neeg sib tw 'net charge-off nuj nqis, cov neeg hais.

Tab sis lwm qhov tseem ceeb yog Goldman cov khoom lag luam credit loj tshaj plaws, Apple Card, yog tsom mus rau qhov dav dav hauv lub tebchaws, suav nrog cov qhab nia qis dua. Thaum ntxov nyob rau hauv nws rollout, ib txhia cov neeg siv tau stunned kom paub tias lawv tau txais kev pom zoo rau daim npav txawm tias tau txheeb xyuas keeb kwm credit.

"Goldman yuav tsum tau ua si hauv qhov dav dav ntawm credit dua li lwm lub tsev txhab nyiaj, uas yog ib feem ntawm qhov teeb meem," said ib tug qub thawj coj ntawm New York-based bank. "Lawv tseem tsis tau muaj kev xa ncaj qha rau cov neeg siv khoom, thiab thaum koj muaj Apple Card thiab GM card, koj tab tom saib Americana."

Tom qab xyoo 2008 nyiaj txiag teebmeem tshwm sim los ntawm kev qiv nyiaj tsis raug cai, feem ntau lub tsev txhab nyiaj tau hloov mus ua haujlwm zoo, thiab cov neeg sib tw suav nrog JPMorgan thiab Bank of America nyiam tsom mus rau cov neeg qiv nyiaj siab dua. Qhov tshwj xeeb ntawm cov tsev txhab nyiaj loj yog Capital One, uas tsom ntau dua rau subprime muab tom qab buying HSBC's US daim npav lag luam hauv xyoo 2011.

Capital One hais tias 30% ntawm nws cov nyiaj qiv yog rau cov neeg siv khoom nrog FICO cov qhab nia qis dua 660, ib pawg uas muaj cov neeg siv ze-prime thiab subprime. Qhov ntawd yog nyob rau hauv qhov sib nrug deb ntawm Goldman qhov kev faib ua feem ntawm cov neeg siv khoom sub-660, uas yog 28% thaum Lub Rau Hli.

Lub caij no, JPMorgan tau hais tias 12% ntawm nws cov nyiaj qiv yog rau cov neeg siv nrog qis-660 cov qhab nia, thiab Bank of America tau hais tias 3.7% ntawm cov nyiaj qiv tau khi rau FICO cov qhab nia qis dua 620.

Tom qab lub sijhawm uas cov neeg qiv nyiaj tau txais kev txhawb nqa los ntawm kev txheeb xyuas kev mob kis thoob qhov txhia chaw tau them rov qab lawv cov nuj nqis zoo li tsis tau ua dhau los, nws yog kev lag luam "cov neeg nkag tshiab" uas tau "qhia qis qis dua" hauv kev ntsuas credit, JPMorgan tus kws tshuaj ntsuam Vivek Juneja tau sau lub lim tiam dhau los.

"Goldman's credit card net hloov pauv piv tau nce siab hauv 3 lub hlis dhau los," nws sau. Qhov ntawd tau tshwm sim "txawm tias cov nyiaj poob haujlwm tseem tshuav tsawg heev ntawm 3.7% thaum Lub Yim Hli, zoo ib yam li 2019 qib."

Qhov ntawd tau yuam kom lub tsev txhab nyiaj tso tseg ntau qhov tshwj xeeb rau cov peev txheej qiv nyiaj yav tom ntej. Cov neeg siv khoom lag luam tab tom yuav poob $ 1.2 nphom xyoo no raws li kev kwv yees sab hauv, Bloomberg qhia hauv lub Rau Hli. Qhov "feem ntau" ntawm lub txhab nyiaj cov neeg siv khoom nqis peev xyoo no yog khi rau kev tsim qiv qiv, ua tsaug rau ib feem ntawm cov kev cai tshiab uas yuam cov tsev txhab nyiaj rau pem hauv ntej-load lawv cov nyiaj poob, Solomon hais rau cov kws tshuaj ntsuam thaum Lub Xya Hli.

Daim duab ntawd tuaj yeem ua rau mob hnyav dua yog tias kev lag luam poob qis ua rau lawv tso nyiaj ntau dua rau cov nyiaj qiv, cov thawj coj tau lees paub.

Cov teeb meem zoo li paub meej tias qee qhov tsis ntseeg Goldman tau ntsib thaum nws tawm tsam cov neeg tsim daim npav kom yeej Apple Card account hauv 2019. Cov neeg sib tw tau hais tias lub txhab nyiaj tuaj yeem tawm tsam kom tau txais txiaj ntsig ntawm daim npav tsis muaj nqi.

Taiano, tus thawj coj ntawm Fitch Ratings tau hais tias "Daim npav qiv nyiaj yog lub lag luam nyuaj rau kev ua txhaum," "Goldman twb ntsib kev poob ntau dua vim tias lawv phau ntawv kev lag luam tseem hluas. Tab sis thaum koj txheej rau kev poob hauj lwm hnyav dua, koj tab tom ua rau qhov kev xav ntawd hnyav dua. "