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FYI Apple Card / Apple Savings are run by Goldman Sachs & Apple. So I'm guessing they found some value in this operation. I agree its offering is very mid (ju
by r00fus 4y ago
FYI Apple Card / Apple Savings are run by Goldman Sachs & Apple. So I'm guessing they found some value in this operation.
I agree its offering is very mid (just like Apple Card) so I don't use it but for some opening a new account elsewhere is challenging.
- gumby 4y agoGoldman's recent earnings report said they were taking a bath on their foray into the consumer sector, having lost $3B in the process, with a half a billion on consumer loans alone.* I don't imagine they'd be doing the Apple bank account if they weren't contractually obligated. Or maybe they just think there's a hope for some Apple pixie dust. * https://www.nytimes.com/2023/04/18/business/goldman-sachs-1q-2023-earnings.html https://www.nytimes.com/2023/04/18/business/goldman-sachs-1q...
- astrange 4y agoSome of this is weird accounting stuff - I think they can't recognize income yet because they committed themselves to holding off some of it as insurance against credit card defaults.
- r00fus 4y agoIs it possible GS needs Apple to get entry into the consumer (non-money-market) market, possibly to provide the needed liquidity/cover for their institutional investments? In that case, it's an R&D expense for them they can simply write off.