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On Apple Card launch day, Goldman CEO says card is "a beginning" -memo

Credit: REUTERS/David Gray

Goldman Sachs Group Inc officially became a credit-card lender on Tuesday by rolling out its first product with Apple Inc, but the bank has aspirations to grow much bigger in consumer lending, its chief executive said in an internal memo viewed by Reuters.

NEW YORK, Aug 20 (Reuters) - Goldman Sachs Group Inc GS.N officially became a credit-card lender on Tuesday by rolling out its first product with Apple Inc AAPL.O, but the bank has aspirations to grow much bigger in consumer lending, its chief executive said in an internal memo viewed by Reuters.

Starting Tuesday, iPhone users can apply for the Apple Card, which charges no annual fees, through Apple's Wallet app, both companies said.

Calling the move into credit cards a "milestone" for the bank, Goldman Sachs Chief Executive David Solomon wrote in the memo, "Apple Card is big, but it's also a beginning."

(Reporting By Elizabeth Dilts Editing by Chizu Nomiyama)

((elizabeth.dilts@thomsonreuters.com; (646) 223-5063; Reuters Messaging: elizabeth.dilts.thomsonreuters.com@reuters.net))

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