One week after we reported that in its latest push to take the retail banking world by storm, Goldman has sunk so low that about 20% of the clients on its consumer loan "Marcus" platform are considered subprime and that in its push to attract even more home-improvement loan clients, the bank recruited former "bachelorette", JoJo Fletcher, to, well, sell subprime loans...

... it now appears that Goldman has another cunning plan of taking the retail banking world by storm: launching a joint credit card with Apple, a move which according to the WSJ "would deepen the technology giant's push into its customers' wallets and mark the Wall Street firm's first foray into plastic."

The planned "Appleman Sachs" card would carry the Apple Pay brand and could launch as soon as early 2019; as part of the transition to Goldman, Apple would replace its longstanding rewards-card partnership with Barclays.

But why would Wall Street's (formerly) best connected FDIC-backed hedge fund need to bother with such a low-margin product as a credit card? The same question goes for aApple?