Goldman Sachs CEO David Solomon claims the investment bank is happy with both its long-term relationship with Apple that started with the very first overnight bond issued when Steve Jobs returned to the company, all the way up to the current performance of Apple Card.
Senators Elizabeth Warren and Sherrod Brown are amping up their attacks against Apple Card partner Goldman Sachs' alleged gender bias for applicants, pushing the director of the Consumer Financial Protection Bureau to examine the claims for violations of fair lending laws.
Democratic senator and U.S. presidential candidate Elizabeth Warren on Wednesday chided Apple Card financial partner Goldman Sachs over the firm's response to claims that its algorithms introduce a credit limit bias against women.
Responding to claims that a gender bias is instituted when processing Apple Card applications, Apple banking partner Goldman Sachs on Monday said it is prepared to reevaluate credit lines for customers who expected higher limits.
Following accusations that married couples are seeing different credit ratings in their Apple Card applications, bank Goldman Sachs has issued a statement saying all scores are individually calculated.
According to regulatory filings made public this week, Apple Card financial partner Goldman Sachs said it doled out about $10 billion in credit lines for the Apple branded credit card in a little over one month.
A number of Apple Card customers are having problems managing their credit card, with reports of users struggling to make payments to the credit facility through the Wallet app, with the distinct possibility of some users accidentally making multiple payments against their account balance.
Following Goldman Sachs predictions claiming that Apple TV+ trials would be reported financially in such a manner that investors would complain and bail out of the stock, Apple has said that it will have no impact on results at all.
Goldman Sachs is spending somewhere in the region of $350 to acquire every new customer of Apple Card, analysts claim, with the investment bank not expected to make a profit on the user until they have been a customer for four years on average.
In what appears to be a database problem, Apple is not just sending emails to iCloud accounts saying that the user needs to update with an iCloud email address, but customers outside the US are erroneously being asked to apply as well.
Apple Card is apparently being offered to more than just people with great credit scores, with Goldman Sachs allegedly approving applicants for the co-branded credit card with poor credit scores, in what could be a move to acquire as many customers as quickly as possible.