A financial watchdog in the state of New York has launched an investigation into possible sexism in determining credit card limits by Goldman Sachs. The bank denies the accusations.
The research follows a series of angry tweets from entrepreneur, web developer and bestselling author David Heinemeier Hansson, founder of project development site Basecamp.com. The Dane expresses his dissatisfaction with the fact that the limit of his Apple Card, a product of Goldman Sachs and Apple that was introduced this year, is twenty times higher than that of his wife, while she has a higher credit rating.
“My wife and I have done the tax declaration together, live in community of property and have been married for a long time,” he writes Thursday. “Still, Apple’s black box algorithm thinks I deserve twenty times more limit than she does. Objecting doesn’t help.”
Goldman Sachs denies that there is sexism. “Our credit rating is based on the creditworthiness of the customer and not on factors such as gender, race, age, sexual orientation or any other unlawful basis,” says a spokesperson.
Two days after Hansson’s first complaint on Twitter, the New York Department of Financial Services announced that an investigation was started “to determine if New York state legislation was violated and to ensure that all consumers were treated equally , regardless of gender “.
In the meantime, Apple Card has raised the limit of Hansson’s wife, but this does not remove the indignation of the Dane.
“Let’s just bribe one big mouth on Twitter, then we don’t have to investigate the error in our algorithm,” he says cynically.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.