Goldman Sachs is spending millions as Apple Card launch gets close

Zac Hall for 9to5Mac:

“Apple Card is coming this summer, and we expect the new credit card from Apple to be supported in iOS 12.4. Apple hasn’t been more specific about the exact launch date for US customers, but the company has been releasing developer beta versions of iOS 12.4 without Apple Card included for several weeks.”

Also —

Malcolm Owen for AppleInsider:

Goldman Sachs has burned through considerable amounts of money on Apple Card and its other consumer-facing initiatives, with the investment bank revealing it has spent around $275 million in 2019 alone on public-based projects….

…According to second-quarter earnings released on Tuesday, CNBC reports Goldman Sachs has spent in the region of $1.3 billion on its consumer services, including Apple Card, the Marcus savings accounts, and other initiatives. For 2019 so far, $275 million has been spent, which has resulted in a 0.6% reduction of Goldman’s equity return.

…“There’s no denying the consumer business – whether Apple Card or Marcus – is a risk business,” CFO Stephen Scherr admitted.

MacDailyNews Take: Apple Card is going to change the financial industry.


  1. Apparently the irony’s been lost on many people because as yet I’ve not seen a single comment regarding the fact that Apple has partnered with one of the most corrupt corporations on the planet; Goldman Sucks
    Seems everyone’s (especially people that should know better), have been blinded by the newest shiny object, in this case a titanium card, and are totally oblivious, (or in denial), that Goldman Sucks is a despicable, wicked company.
    An extraordinary sleight of hand by Goldman Sucks yet again.
    What does this say about Apple? …I can’t imagine that Steve Jobs would’ve ever approved of this partnership.
    The whole thing’s disgusting.

    1. Pick a major financial institution that has not had a sketchy past. I’m a Wells Fargo customer since 1987. Their service, for me, has been great. Their dealings with others not-so-much. I the world of international business finding clean bed mates is a challenge.

      1. I closed ALL my accounts with every bank after the 2008 disaster. Do all my banking now with my local (non-profit) Credit Union. I get amazing service and take great comfort in knowing they’re not gambling with my money so the execs can make seven-figure salaries…

        I only wish there were credit cards run by non-profits as well. Sigh.

    2. In the end, other companies didn’t want to do a card biz with Apple…

      the big banks all owe us money after that 2008 bail out.

      Apple in this arrangement seems to be controlling how things are done with their Card. GS is at Apple’s mercy once the card is released

        1. That only covers what they borrowed to stay afloat. It doesn’t come close to covering the hundreds of billions lost due to Wall Street’s greed. And it hasn’t stopped — how else can they afford to pay hedge fund managers and investment bankers tens of millions a year in salary and bonuses?

      1. I agree. GS is trying to remake their image. Apple is obviously getting the better end of this deal. The same kinda deal Jobs made with the original iPhone with Cingular. Apple has has made deals to their advantage.

        1. Actually, wasn’t the original iPhone deal with AT&T?

          And somehow I can’t imagine Apple getting away with dictating terms the way they did with the music business (iPod) and telecom industry (iPhone).

          Which is why AppleTV didn’t (and will never) revolutionize video, and the Apple Car (if it ever happens) will never revolutionize the auto industry. Big business has learned from their mistakes, and they won’t willingly give away the store again.

          1. The deal was made with Cingular 6 months before the iPhone came out. AT&T bought Cingular right before iPhone was released. And big business didn’t learn from their mistakes. They just stole Apple’s tech after the fact. Without Jobs it will certainly be harder to create a disruptive technology, but the Apple Watch is pretty close.

    3. Yes but,…what if Apple devours GS’s key knowledge to produce its own bank, The Apple Bank of Justice. Certainly where the puck would be, eh?

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