I'm definitely not a financial expert, I just play one on the Internet. (I can also be a doctor, political strategist, and a scientist with expertise in all sorts of fields if you wish!)
But in all seriousness -- at least in terms of this particular business unit, how are they effectively losing money on this? I've always been under the impression that banks make crazy amounts of money on the interest from credit card debt. I don't entirely understand it. But it looks like it's an industry wide phenomenon right now [1], and not just related to GS.
But in all seriousness -- at least in terms of this particular business unit, how are they effectively losing money on this? I've always been under the impression that banks make crazy amounts of money on the interest from credit card debt. I don't entirely understand it. But it looks like it's an industry wide phenomenon right now [1], and not just related to GS.
[1] https://www.cnbc.com/2023/09/22/credit-card-losses-are-risin...