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Banking services wasn't what made Apple astronomically rich beyond imagination in the first place.

• PaulHoule 4y ago
  Goldman Sachs has done terribly underwriting the Apple card https://www.fstech.co.uk/fst/Goldman_Sachs_Apple_Card_Unit_Loses_Over_1_Billion.php https://www.fstech.co.uk/fst/Goldman_Sachs_Apple_Card_Unit_L... It's like they are getting sucked dry by some kind of vampire squid. Offering sky-high interest rates will certainly help attract deposits but it's likely to be a formula for losing money the way they have been losing on the card.
  • WorldMaker 4y ago
    Goldman Sachs seems to be acting like this partnership is a loss leader for Apple to teach them a lot of software ideas that they can turn around into their other consumer products under the Marcus brand. In many ways it almost looks like GS is using Apple as an R&D department for redefining/redesigning what consumer finance products look like in the modern software era. It will certainly be interesting to see how much the bet pays off on Marcus competing with more traditional banking products over the next few years.
• nocsi 4y ago
  No, but keeping families locked into their ecosystem and in-turn continually purchasing their hardware does. I can store my kids allowance in the savings account now - 1 more thing keeping me locked in
  • runjake 4y ago
    > I can store my kids allowance in the savings account now - 1 more thing keeping me locked in So then, don't? One of a corporation's tasks is to acquire and hold onto customers.
    • dorkwood 4y ago
      I think they’re talking about a broader effect at work here, and using themselves as an example. Your advice may prevent one Hacker News poster from further locking themselves in, but there are about a billion others who won’t get the chance to read it.