The Wall Street Journal allegesGoldman Sachs recently partnered with Apple to offer users high deposit rates.Apple Card Savings Account ServicesDue to doubts about subsequent developments, it is possible that the company will decide to end this cooperation project, which may have an impact on the current Apple Card and savings account services.
In addition to considering ending its partnership with Apple, the report also revealed that Goldman Sachs executives also hope to end the My GM Rewards credit card business issued in cooperation with General Motors, and may even further withdraw from the development of consumer loan products.
However, Goldman Sachs seems to have not yet made a final decision, but there may be a clear answer when the new quarterly financial report is released in the near future.
The report also stated that Goldman Sachs is considering ending its cooperation with Apple because its lending-type businesses such as Apple Pay Later's buy now, pay later service have caused it to lose billions of dollars, and the way the fees related to the Apple Card credit card business are calculated has also caused a lot of pressure within Goldman Sachs. Goldman Sachs is obviously unable to convince Apple to switch Apple Card to a regular credit card method for calculating late payment fees and other fees.
If Goldman Sachs cannot reduce losses on its consumer products, it may choose to divest its partnerships with Apple and General Motors. If another bank were to take over the Apple business, including savings account services, Goldman Sachs would likely need emergency funds to cover the losses.
The Wall Street Journal also pointed out that Apple Card credit card servicePossible switch to cooperation with American Express, but American Express also clearly has doubts about the development of Apple’s credit card business.
