In March 2019, Apple announceda partnership with the second largest investment bank in the world:Goldman Sachs. The aim of this agreement was to offer a credit card offering attractive services. For example, the Apple Card allows you torecover 3% of the amount of your purchaseon Apple products, as well as2% for all other purchases. However, it is good to note that these amounts only concern the virtual card. By using the physical Apple Card, the buyer gets 1% of the value of their transaction back.
The offer seemed attractive at first glance andhad everything to be profitable. However, we learned earlier this year thatthe partnership was not successful, quite the contrary.Goldman Sachshas in fact recorded a loss of a billion dollars because of its activities linked to the Apple Card.
Despite the October 2022 launch of Savings, the American investment bank seems to wantend partnership with Apple. The two companies are, however, linked by a contract and the investment bank is therefore obliged to respect it. The CEO ofGoldman Sachs, David Solomon, was also asked about Apple during his last meeting with his investors.
He tries to put things into perspective
David Solomon plays a major role in maintaining good understanding between all parties in this case. The man made a point not to worry his investors and kept his comments measured and thoughtful, despite the enormous losses caused by the Apple Card: “Our partnerships with Apple and GM are long-term contracts, and we do not have the unilateral right to terminate these partnerships. Our objective for the moment is therefore to manage them better, and to bring them to profitability.»
With these stories, we are not ready to see the Apple Card arrive in France. French banks have in fact already been very cautious with Apple Pay and have taken a long time to accept it.
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By : Keleops AG
