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Apple may ‘lay claim' to Apple Card, but Goldman Sachs is in charge, says bank


Added 01-17-20 07:31:02am EST - “Goldman Sachs has said that while Apple may 'lay claim' to having created the Apple Card, it is the bank which holds all the cards when it comes to ...” - 9to5mac.com

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Posted By TheNewsCommenter: From 9to5mac.com: “Goldman Sachs is in charge of the Apple Card, says the bank - 9to5Mac”. Below is an excerpt from the article.

Goldman Sachs has said that while Apple may ‘lay claim’ to having created the Apple Card, it is the bank which holds all the cards when it comes to decision-making.

The bank’s chief financial officer also implied that it isn’t going to worry about Apple’s reputation when it comes to the way it pursues debtors …

“Whoever lays claim to the creation of the card, there’s only one institution that’s making underwriting decisions, and that’s Goldman Sachs,” says CFO Stephen Scherr.

This was in response to a question about how aggressively the bank would be willing to pursue delinquent debts given that Apple works so hard to convey a friendly image.

RBC Capital Markets analyst Gerard Cassidy asked Goldman if, when a recession hits and default rates rise, the Apple Card’s marketing could make it difficult for the bank to chase down debtors, given the potential damage to Apple’s brand and reputation for customer service.

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