Report: Apple and Goldman Sachs are breaking up over money-losing Apple Card
arstechnica.com
Goldman Sachs has lost billions of dollars on its consumer-focused businesses.

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.

  • troybot [he/him]English
    8•7 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.

    • GreyBeardEnglish
      8•7 months ago

      Even if they decided to do it themselves, they’d spin up a subsidiary to do the actual banking. No way Apple would want their retail stores having to live up the the rather strict standards of banks.