not really. goldman sachs found out those customers cost them a lot of money with the apple card. the best customers are the wealthy who have $100k+ in their checking/savings accounts and million+ in their brokerage accounts and clear 10k+ monthly on their credit cards.
That could well be (especially if you look at banks who don't offer competitive interest rates on cash).
That said, Goldman Sachs is sort of infamously bad at consumer banking, so I'd take their words there with a grain of salt. They lose a lot of money on most of their consumer banking endeavors: they lose like a billion per year on Marcus, they're actively trying to drop the Apple credit card, etc.
So at some level, of course GS is gonna say their best customers are the wealthy ones, because they largely haven't figured out how to make a decent business for anyone except the ultra wealthy.
That's just GS overpaying in a business segment they don't have experience in. Companies that know how to run a credit card make a boatload off of high-spending users who pay off the full balance every month.
