This is shocking information which was revealed by theWall Street Journal. The Goldman Sachs bank, which has formed a partnership with the Cupertino firm to provide the serviceApple Card,attempts to transfer this contract to another establishment.
This would be American Express, another heavyweight in the sector. But according to our colleagues, this agreement between the two companies is not imminent or guaranteed. In any case, Apple would have to give its consent for it to come to fruition.
We may also wonder why Goldman Sachs is seeking to divest itself of this activity? It seems to cost him a lot of money. Moreover, last January, the bank revealedhaving lost more than a billion dollarsso far, and it's probably more now that we're in July 2023.
The Apple Card is long overdue in France
It must be said that it does not charge any fees on the interest on the Apple Card, contrary to the practices in force on credit cards offered by the competition. Likewise, she is not very careful when opening contracts with customers. This resulted in a net delinquency rate of 2.93%, double that of an institution such as Bank of America.
However, Goldman Sachs CEO David Solomon said he remained committed to this deal despite the losses. He recently clarified:“This is a very, very strong partnership with many opportunities.”.
If we are to believe the revelations in the American press, he has since changed his mind. While the Apple Cardstill waiting in France, we are probably not ready to see this service arrive, especially since these various articles will perhaps put off interested companies.
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