Goldman Sachs loses executive who secured Apple Card deal

"Deal Guy" Scott Young is leaving Goldman Sachs, having helped win the Apple Card project for the firm, its most successful credit card launch ever.

Goldman Sachs has boasted about its Apple Card deal, rankled at Apple claiming to have designed it, and weathered discrimination claims. Now as it reportedly works on an Apple Pay buy now, pay later system, it is losing a key executive.

According to CNBC, chief commercial officer Scott Young of Goldman Sachs's consumer business, is leaving to join the fintech startup, iCreditWorks. Reportedly know as the "deal guy," Young worked with Omer Ismail and Lloyd Blankfein, on securing the Apple Card deal in 2018.

He joins iCreditWorks as part of a team producing a point of sale mobile app which aims to handle personal loans for users in the health industry. The company was founded three years ago and founder Stephen Sweeney says he and partners have so far invested $50 million in the business.

"When you're trying to build a disruptive platform that has wide commercial appeal, you need an executive who has the chops to make those deals happen," Sweeney told CNBC. "As chief commercial officer at Goldman, [Young] was at the nexus of all those transactions; sourcing, negotiating and securing deals."

Apple Card ultimately launched in 2019, and is considered a success. It remains US-only, however, three years after its launch and promises of international releases.

4 Comments

crowley 15 Years · 10431 comments

About 2 years ago

I thought the Apple Card was Goldman Sachs first ever credit card? If so, "most successful credit card launch ever" isn't saying much.

Stabitha_Christie 3 Years · 582 comments

crowley said:

I thought the Apple Card was Goldman Sachs first ever credit card? If so, "most successful credit card launch ever" isn't saying much.

They aren't saying it is GS most successful credit card launch, they are saying it has been more successful than any credit card launched ever.

That said, it is still kind of a weird thing to hang their hat on. Having the most people sign up for a credit card is somewhat meaningless as people simply having the card doesn't generate revenue. Success for a credit card is people using it and not paying off the balance every month.

Stabitha_Christie said:

crowley said:

I thought the Apple Card was Goldman Sachs first ever credit card? If so, "most successful credit card launch ever" isn't saying much.

They aren't saying it is GS most successful credit card launch, they are saying it has been more successful than any credit card launched ever.

Not sure that's right, or if it is then the article is unclear.

What you're saying would be "the most successful credit card launch ever", while AI say "its (implied: Goldman Sachs') most successful credit card launch ever".