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Shares of Goldman Sachs (GS) are down Wednesday after analysts at Nomura published a bearish note on the investment bank due to its involvement in Apple's (AAPL)  Apple Card project. 

Banking stocks were already facing headwinds Wednesday after the U.S. Treasury yield curve inverted, signaling that a recession is close, but Nomura's note wasn't helping matters as the stock recently traded off 3.6% at $196.75. 

Nomura says Goldman Sachs's Apple Card will have a tougher time turning a profit as the economy slows due to its industry-low interest rate and lack of fees. 

"As a new entrant, Goldman Sachs does not have the historical data or experience that lenders obtain when underwriting through a credit cycle," Nomura analyst Bill Carcache wrote.

"By definition, credit businesses are cyclical, and we would expect Goldman Sachs to face its fair share of volatility in the next recession."

Carcache estimates that Goldman Sachs will have to spend $350 to acquire each new Apple Card user and that the bank will begin to break even on each user after four years. 

Apple shares were off 2.2% at $204.34.

Goldman Sachs and Apple are key holdings in Jim Cramer's Action Alerts PLUS charitable trust