At an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them.

Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. But it was Apple that sealed it. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.