Goldman Sachs — the only company who can’t figure out how to make money from a credit card.

Earlier this year we learned those consumer banking losses have come mostly from Apple Card and a Goldman acquisition called GreenSky.

As for why Goldman is seeing such a tough time with its nascent consumer banking offerings, the company says the primary cause is loan-loss provisions which are when a bank has to compensate for greater than expected unpaid credit card balances and loans.

So the crux of it is they expected those interested in an Apple Card would successfully pay their bills more than they are? Interesting.