It is an application project that is surprising to say the least and which is reported to us byCNBC. Our colleagues explain that Apple worked together with the bank Goldman Sachs to develop a functionality allowing users to simply invest in the stock market by buying and selling shares. This initiative was thought of in 2020 during the covid pandemic, a period when the shares of many companies tended to soar.
We therefore learn that the Apple brand and Goldman Sachs advanced this project at some length and that it should theoretically see the light of day in 2022. The idea was even to allow clients to invest in Apple shares.
Apple changed its mind
Except that in two years, the stock market context has changed significantly. With the arrival of vaccines and the reopening of many economic sectors, shares of some technology company stocks have suffered. These fluctuations pushed the Cupertino firm and Goldman Sachs to abandon this project. According toCNBC, Apple feared negative reactions if users were to lose their money on the stock market by using an Apple-branded product.
They finally changed their tune and preferred to offer savings products to their customers. It was all the more a good idea as interest rates have increased, which improves their attractiveness.
As we have seen recently, and even if the outstanding savings accounts of Apple customers now exceed $10 billion, all is not rosy in this relationship between the Tech giant and Goldman Sachs.
According to theWall Street Journal, the investment bankwould tryindeed to transfer his contract relating tol’Apple Cardto another establishment. This service seems to cost it a lot of money and the company revealed last January that it had lost more than a billion dollars so far. An amount which must have increased further in the space of nine months.
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By : Keleops AG
