Apple is reportedly ending its partnership with Goldman Sachs

https://www.engadget.com/apple-is-reportedly-ending-its-partnership-with-goldman-sachs-104511694.html

by mikece • 3 years ago

2 2 3 years ago

squirrel23• 3 years ago

I wasn't aware Apple had partnered with Goldamn Sachs from the first place - weird that it did not work considering both are titans in their respective industries. Beyond what was provided in the article, can someone provide more clarification for why it did not work? I understand the delayed payments can be frustrating but what I can't figure out is why these gigantic firms were not able to make it work - surely they have the financial power to overcome any burden.

I'm not in the industry (obvi lol) so would appreciate any enlightenment on this. :)

rickdeckard• 3 years ago

Goldman Sachs is first and foremost a trading bank.

Consumer Banking is not a field they are experienced in. They launched their consumer banking division only in 2016, hoping to create an additional revenue stream. It didn't grow as expected, so ~2018 they obviously pivoted to the idea to grow this business by working with companies like Apple and GM (so bluntly put: not focusing on customer service but on corporate negotiations)

So now after 5 years reality seems to set in. First for Goldman Sachs that it's not that simple to do a lean-scaling Consumer product, and second for Apple and GM that they were hoping to outsource this complexity to a experienced player which didn't turn out as expected...

All that excluding the fact that the Apple Card was never really a natural fit in Apple's digital-service core portfolio anyway...

Apple is reportedly ending its partnership with Goldman Sachs

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