Apple's relationship with Goldman Sachs led to the creation of the wildly successful Apple Card, but post-launch friction and a change in priorities has crashed the relationship into the rocks.
Alongside predicting a healthy but stable Apple quarterly earnings report in August, Goldman Sachs analysts say the iPhone 15 lineup will see greater numbers of users upgrading.
Goldman Sachs has reported more losses from its credit card operations, mostly attributable to Apple Card, and it's not clear when or how the bleeding will stop.
Apple Savings customers that inadvertently triggered fraud protection from large withdrawals had to wait days or weeks for money, and now they are being credited $100 for the inconvenience.
Some Apple customers are facing multi-week delays when trying to withdraw money from their Apple Savings accounts, largely due to automated anti-money-laundering protections.
Plans for the Apple Savings program may be jeopardized by troubles with Goldman Sachs' consumer business, as the bank has reportedly dropped its consumer credit card efforts outside of Apple Card.
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.
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Malcolm Owen
William Gallagher
Andrew Orr
Wesley Hilliard
Amber Neely
Mike Peterson
AppleInsider Staff
