Feds looking at Goldman Sachs' Apple Card business unit
The Federal Reserve has opened an investigation into Goldman Sachs to determine if the bank's consumer credit division, which for now includes Apple Card, has enough consumer protections.
The Federal Reserve has opened an investigation into Goldman Sachs to determine if the bank's consumer credit division, which for now includes Apple Card, has enough consumer protections.
At Davos, Goldman Sachs CEO David Solomon said his bank was too ambitious launching consumer credit, after it posted a big loss in the division mostly due to Apple Card in 2022.
Goldman Sachs' consumer credit division lost $1.2 billion in nine months last year, and the losses were primarily related to the Apple Card.
Apple has announced that Apple Card users will shortly be able to transfer their Daily Cash balance into a special interest-accumulating Goldman Sachs savings account.
Goldman Sachs, Apple's financial partner and issuer of the Apple Card, has ranked first in customer satisfaction in a J.D. Power survey for the second year in a row.
The rapid expansion of Apple Card reportedly led to a wave of disputed transactions — which Goldman Sachs says were mishandled by outside vendors.
Goldman Sachs, Apple's partner bank for its Apple Card offering, has revealed that it is facing an investigation by a U.S. consumer watchdog
"Deal Guy" Scott Young is leaving Goldman Sachs, having helped win the Apple Card project for the firm, its most successful credit card launch ever.
Analysis of Apple delivery estimates suggests that iPhone supply has largely met demand, while there are continued constraints for the MacBook Pro, according to Goldman Sachs.
Apple Card is extending 0% APR financing to customers who recently purchased an Apple product expecting to receive the payment option, which is available for most major items through the Apple Card Monthly Installments program.
For a limited period - and with certain conditions - adding a family member to an existing Apple Card account gets them $10.
Apple appears to be automatically issuing Apple Card "balance adjustments" to make up for the missed 3% Daily Cash that some iPhone 13 pre-order customers missed out on.
Goldman Sachs and Apple's Apple Card is number 1 in a J.D. Power ranking of what is described as the midsized credit card market.
Investment bank Goldman Sachs expects Apple to report a strong June quarter and guide well for Q4, driven largely by solid Q3 U.S. iPhone shipments and September quarter build estimates.
Rivals to Apple's as yet only rumored pay-later credit addition to Apple Pay have seen their shares drop dramatically.
Apple is allegedly working with Goldman Sachs to provide enhanced installment payment plans to its customers without using Apple Card, in a service internally known as "Apple Pay Later."
Amid a dip in the Chinese smartphone market, Goldman Sachs says that current iPhone shipments in China are 12% lower than the iPhone X series, bucking talk of a super cycle.
After a year of sub-$100 predictions for Apple stock, Goldman Sachs' Rod Hall has upped his 12-month price target to $130 from $83 after Apple posted another profound earnings beat for the second quarter.
Analysts are weighing in on the latest smartphone shipment data out of China, which suggests solid demand for iPhone models but casts doubt on a "super cycle."
Goldman Sachs believes that a slowdown in App Store growth and the possibility of an end to Apple TV+ free trials presents "significant downside risk" to Apple's investors looking ahead to 2022.
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