Report: Apple to end partnership with bank that backs Apple Card, savings accounts::Goldman Sachs has lost billions of dollars on its consumer-focused businesses.
people with Goldman-backed credit cards like the Apple Card are actually making their payments less often than people with credit cards from other banks
Who could have possibly seen this coming?
hth@lemmy.world 11 months ago
Apple is probably not going to partner with anyone because they’re becoming the bank
evatronic@lemm.ee 11 months ago
That is a LOT harder done than said. Apple might have the resources, but they don’t have the time or focus to become an actual bank.
They’ll just go to some other bank, willing to take on the shittier client risk. Probably Citi or the GE/Synchrony bank. Capital One if they smile real nice and bring flowers.
troybot@midwest.social 11 months ago
Yeah they have a physical storefront in every state so, as a bank, they would need to follow the specific financial laws of each state. Gets super complicated because you end up with different interest rates depending on where the customer lives.
surewhynotlem@lemmy.world 11 months ago
They are in no position to handle the regulation and scrutiny that would involve. It’s never worth it.