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Goldman Sachs posts EPS beat, but Apple Card markdowns weigh on revenue
business1 month ago

Goldman Sachs posts EPS beat, but Apple Card markdowns weigh on revenue

Goldman Sachs posted Q4 2025 EPS of $14.01 (beat) and revenue of about $13.5B (miss vs. $13.9B). The shortfall came from Apple Card markdowns linked to the pending sale of the portfolio to JPMorgan, with Platform Solutions’ negative net revenue (-$1.68B) a drag. A reserve release for credit losses ($2.48B) partially offset the markdowns, and net interest income was strong, while Global Banking & Markets and Asset & Wealth Management showed solid results.

via Seeking Alpha|
#apple-card#business#goldman-sachs
Apple Card overhaul expected this year
business1 month ago

Apple Card overhaul expected this year

Apple Card's partnership with Goldman Sachs is likely to end in 2026, with JPMorgan Chase as the preferred successor, though challenges remain due to the high percentage of subprime customers and associated losses. The future of Apple Card may involve changes such as increased fees and less generous terms, with potential new partners like Capital One considered if JPMorgan Chase falls through.

via 9to5Mac|
#apple-card#business#credit-card-partnership
JPMorgan Chase Nears Deal to Replace Goldman Sachs as Apple Card Issuer
business7 months ago

JPMorgan Chase Nears Deal to Replace Goldman Sachs as Apple Card Issuer

JPMorgan Chase is close to acquiring the Apple Card portfolio from Goldman Sachs, which would enhance JPMorgan's position as a leading credit card issuer in the U.S. Goldman Sachs aims to exit the credit card business following challenges with the Apple Card, while JPMorgan seeks to bring stability and expand its credit card offerings. Negotiations are ongoing, with other contenders like American Express and Barclays dropping out.

via CNBC|
#apple-card#banking#business
"Apple's iOS 17.4 Update: Enhanced Features and Security Fixes"
technology2 years ago

"Apple's iOS 17.4 Update: Enhanced Features and Security Fixes"

iOS 17.4 update allows third-party budgeting apps beyond Mint to access real-time Apple Card transactions, providing users with more options to track their spending. With Mint accounts set to shut down, Apple has expanded Apple Card support to other apps like Monarch, YNAB, and Copilot. Additionally, Apple is expected to announce new products this week, including new MacBook Air models with M3 chip and improved features.

via MacRumors|
#apple-card#budgeting-apps#ios-174
"Apple's iOS 17.4 Update: Enhanced Access for Budgeting Apps and Third-Party Stores"
technology2 years ago

"Apple's iOS 17.4 Update: Enhanced Access for Budgeting Apps and Third-Party Stores"

iOS 17.4 introduces a significant change for personal finance apps, allowing them to easily access Apple Card, Apple Cash, and Apple Card Savings accounts information and import that data. This update comes after the shutdown of Mint, which previously offered integration with Apple Card. Budgeting apps like Copilot, YNAB, and Monarch Money have already added support for this feature, enabling users to seamlessly track their Apple Card, Apple Cash, and Savings accounts alongside accounts from other institutions.

via 9to5Mac|
#app-integration#apple-card#budgeting-apps
"Apple Cash Enhancements in iOS 17.4 Beta: Virtual Card Numbers and Improved Functionality"
technology2 years ago

"Apple Cash Enhancements in iOS 17.4 Beta: Virtual Card Numbers and Improved Functionality"

Apple is introducing a new feature in iOS 17.4 that allows Apple Cash users to set up a virtual card number for their Apple Cash Card, enabling them to use their cash rewards in places that don't accept Apple Pay. This update will provide users with a full card number, expiration, and security code, allowing them to shop online and make phone orders using their Apple Cash funds. While this feature is currently available in the iOS 17.4 beta, users should be cautious of potential bugs and issues.

via Lifehacker|
#apple-card#apple-cash#digital-wallet
Unforeseen Twists: Apple's Unpredictable Journey in 2023
technology2 years ago

Unforeseen Twists: Apple's Unpredictable Journey in 2023

Apple surprised the tech world in 2023 with unexpected announcements and product launches. The highly anticipated Vision Pro headset was unveiled, but its release is still pending. Apple also introduced new financial products, Apple Pay Later and a high-yield savings account, while facing reports of a troubled partnership with Goldman Sachs for the Apple Card. Apple Music Classical was launched as a separate app, addressing the challenges of organizing classical music libraries. The iPhone 15 featured a switch to USB-C charging ports and the potential support for RCS messaging. The HomePod speaker made a comeback with improved sound quality. Apple's environmental efforts included the release of the FineWoven case, which received mixed reviews. Additionally, Apple made a significant investment in MLS, bringing global soccer superstar Lionel Messi to the Inter Miami team.

via CNET|
#apple#apple-card#apple-music-classical
Apple and Goldman Sachs Part Ways, Ending Credit Card Partnership
business2 years ago

Apple and Goldman Sachs Part Ways, Ending Credit Card Partnership

Apple is reportedly ending its partnership with Goldman Sachs within the next 12 to 15 months due to the bank's consumer services, including the Apple Card, causing significant financial losses. Goldman Sachs has been losing billions of dollars, partly due to a higher-than-usual loss rate on its credit card loans. Apple's demands for high approval rates and synchronized billing have frustrated Goldman Sachs executives. It is unclear if Apple will partner with another company for its financial services, but Synchrony Financial and American Express have shown interest. Apple's services business, including financial services, has become increasingly important as revenue growth from hardware businesses has slowed.

via Ars Technica|
#apple#apple-card#business
Goldman Sachs Desperate to Cut Ties with Apple Card and Consumer Lending
business2 years ago

Goldman Sachs Desperate to Cut Ties with Apple Card and Consumer Lending

Goldman Sachs is reportedly facing internal pressure to exit the consumer-lending space, with the Apple Card partnership seen as a distraction from its core business. The bank's third-quarter earnings, expected to be significantly down, may lead to the offloading of Apple's financial products onto another bank. While Goldman's stock has declined this year, the high-yield Apple savings accounts remain popular and attract billions in deposits. The partnership between Goldman Sachs and Apple, once praised as innovative, is now under scrutiny, with some questioning whether the foray into consumer banking was a mistake.

via Gizmodo|
#apple-card#business#consumer-lending