California: Goldman Sachs Group Inc. Chief Executive Officer David Solomon forcefully denied customer allegations of gender bias in setting credit limits for the Apple Card, pledging to address a social media and political uproar with more transparency when making decisions.
“There’s no gender bias in our process for extending credit,” Solomon told Bloomberg TV in an interview on Thursday from the New Economy Forum in Beijing. “There’s no question that different applicants can get different results, and that can be for a variety of reasons.”
Solomon’s blunt defence of the card signalled confidence in the face of demands from some US lawmakers, including Democratic presidential candidate Elizabeth Warren, that the company provide more information on whether its computer models may be unintentionally cementing decades of gender bias when helping to issue the card. Tech entrepreneur David Heinemeier Hansson set off the furore with a viral tweet saying he was allowed to borrow 20 times as much as his wife, even though he has a lower credit score and they reported the same income.
“We’re going to work over time to do more to deliver more transparency to our clients,” Solomon said. He praised the card, created in a partnership with Apple Inc., for giving applicants instant decisions. “We’re committed to working with Apple to improve that transparency so that it’s a unique and differentiated product.”
Goldman has previously said it doesn’t take gender or marital status into account when determining creditworthiness. The bank has said it’s introducing the ability for household members to share an Apple Card credit line and that it welcomes a discussion of the topic with policymakers and regulators.
The New Economy Forum is being organised by BloombergMedia Group, a division of Bloomberg LP, the parent company of Bloomberg News