CBS News, Nov. 19, 2019: Does Goldman Sachs’ Online Bank Marcus Have An Apple Card Gender Issue?
Apple and Goldman Sachs face accusations that the algorithms behind the the companies’ joint iPhone-based credit card. But the Apple Card isn’t the only Goldman venture that could be ripe for claims of gender bias.
The investment bank’s online banking platform, Marcus, which the Wall Street firm launched a few years ago to cater to middle-income millennials, parses the personal info that goes into its lending algorithm in a similar way as the Apple Card does.
That’s not a surprise. Goldman developed the technology used to approve borrowers for the tech giant’s Apple Card, which launched in mid-August. But problems soon cropped up. Tech entrepreneurtweeted that he was offered a borrowing limit 20 times higher than his wife received despite her higher credit score. Even more embarrassing, Apple co-founder Steve Wozniak then tweeted that his wife encountered a similar problem.