Report: Apple to end partnership with bank that backs Apple Card, savings accounts::Goldman Sachs has lost billions of dollars on its consumer-focused businesses.

  • @hth
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    487 months ago

    Apple is probably not going to partner with anyone because they’re becoming the bank

    • @[email protected]
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      317 months ago

      That is a LOT harder done than said. Apple might have the resources, but they don’t have the time or focus to become an actual bank.

      They’ll just go to some other bank, willing to take on the shittier client risk. Probably Citi or the GE/Synchrony bank. Capital One if they smile real nice and bring flowers.

      • troybot [he/him]
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        87 months ago

        Yeah they have a physical storefront in every state so, as a bank, they would need to follow the specific financial laws of each state. Gets super complicated because you end up with different interest rates depending on where the customer lives.

        • GreyBeard
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          87 months ago

          Even if they decided to do it themselves, they’d spin up a subsidiary to do the actual banking. No way Apple would want their retail stores having to live up the the rather strict standards of banks.

    • @surewhynotlem
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      07 months ago

      They are in no position to handle the regulation and scrutiny that would involve. It’s never worth it.