3 6 Ke·2026-02-11 07:00Core Insights - The article discusses the challenges faced by financial institutions, particularly in the credit card sector, as they navigate partnerships with technology giants like Apple and the evolving regulatory landscape [1][5][15]. Group 1: Credit Card Industry Challenges - Guangzhou Bank has made significant cuts to its credit card operations, closing all seven of its local branches in Guangdong province, marking a drastic restructuring in the industry [2]. - The bank's credit card loan balance fell sharply to 70.442 billion yuan in 2024, a year-on-year decrease of 18.11%, while net income from fees and commissions dropped by 18.52% [3]. - The bank's non-performing loan ratio surged to 4.88% in 2023, more than doubling in just over two years, indicating rising risks in its credit card portfolio [3][4]. Group 2: Goldman Sachs and Apple Card Partnership - Goldman Sachs faced significant losses in its consumer loan business, with pre-tax losses exceeding $7 billion since early 2020, leading to its decision to exit the Apple Card partnership [5][6]. - The initial terms of the Apple Card were unfavorable for financial institutions, with no annual fees and low interest rates, which placed the credit risk burden primarily on Goldman Sachs [6][11]. - The partnership initially saw rapid growth, with over 10 million customers within three years, but operational costs and high credit loss rates ultimately led to its downfall [8][11]. Group 3: Regulatory and Market Pressures - Regulatory changes and compliance challenges became significant hurdles for Goldman Sachs, culminating in penalties from the Consumer Financial Protection Bureau (CFPB) for customer service failures [14][15]. - The bank's decision to refocus on its core business was influenced by the need to manage its reputation and financial performance amid increasing market volatility [15]. - Morgan Stanley's successful transition to a retail-focused model contrasts with Goldman Sachs' struggles, highlighting the complexities of integrating technology and finance [7][16]. Group 4: Future of Credit Card Business - Morgan Chase is positioned to take over the Apple Card business, leveraging its extensive experience and resources in the credit card sector [16]. - The integration of the Apple Card into Morgan Chase's operations is expected to take two years, reflecting the complexities involved in managing such a business [16].