goldman sachs CEO David Solomon said Tuesday he wasn’t worried apple A new savings account overshadows Goldman’s own Marcus offering, but he’s keeping a close eye on “cannibalization.”
The Wall Street firm reported first-quarter results the following day, Tuesday apple opened a new savings account with an annual yield of over 4%. The new account will be Apple-branded and managed through the iPhone, while Goldman Sachs is the company’s financial partner.
“It’s clear that we’ve worked very closely together on the overlap of people with credit cards and people with Marcus deposits, and the overlap is small,” Solomon said on the company’s earnings call. rice field. “But it’s clear to watch carefully if there is cannibalism.”
Solomon added that Apple’s offering “is a way to open up another deposit channel,” and that “expanding the deposit base is always a good thing.”
The relationship between Apple and Goldman is unique in that it unites two historic brands in very different markets and highlights the extent to which some tech giants are entering financial services as potential competitors. . While Apple builds features for the iPhone and its Wallet app, such as the Apple Card credit card, Goldman is the real bank behind its financial services.
Goldman has announced plans to become a large digital bank, possibly competing with Apple for new customers. Goldman, for example, offers high-yield savings accounts through Marcus. CNBC previously reported that the bank’s consumer-focused unit, which handles the Marcus-Apple partnership, is suffering from shelved projects, leadership changes and regulatory scrutiny.
Solomon said Goldman welcomes deposits from Apple’s savings account and will expand to its own customer base.
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