Goldman Sachs CEO David Solomon said to attend Apple's March 25th event

Posted:
in General Discussion edited March 20
David Solomon, the chief executive of Goldman Sachs, is thought to be attending Apple's event on Monday, with his appearance suggesting there could be some potential discussions about the rumored co-branded credit card currently under development by the two companies.




Apple's "It's show time" event on March 25 is anticipated to feature the launch of the Apple News subscription and the debut of Apple's streaming video service. While the event offers an opportunity for Apple to introduce other elements, there is a remote chance of an announcement about Goldman Sachs' credit card it is thought to be working on with the iPhone maker.

Solomon will allegedly be at the event, according to sources of Bloomberg, though it is not currently anticipated that the Goldman Sachs' CEO will be taking to the stage. While not publicly speaking, Solomon's presence is thought by people familiar with the matter to indicate there is a chance the partnership could be discussed in public for the first time.

Neither Apple nor Goldman have commented on Solomon's appearance, nor the rumored card.

First surfacing in May 2018, the supposed jointly-produced credit card under the name "Project Cookie" is tipped to provide users with more ways to manage their spending than other cards, without requiring a card-specific app to access their account. Instead, the proposals involve adding extra functionality to the existing Wallet app that provides ways to manage their balance, access rewards, and to set daily spending goals.

The integration with the Wallet app is thought to help users pay down any debt on the card before it becomes an issue, as well as notifying users if spending goes over limits or is unusual. The "Rings" concept from the Apple Watch's fitness features could reappear in the project, offering metrics to users to more responsibly use their card.

The card would be Goldman Sachs' first, with the firm said to have a budget of $200 million for the project. Additional customer support call centers and improvements to its internal structure are reportedly being made in order to handle the increased workload from the transactions.

Apple stands to benefit from the project by gaining a larger fee for transactions compared to what it receives from others on Apple Pay itself. It may also help boost usage of Apple Pay in general, bringing more US-based iPhone users to the payment platform.

It is believed Goldman Sachs partner David Stark is overseeing Project Cookie, managing "dozens" of staff working on the deal. Sources claim the Apple Pay group is handling Apple's side of the project.
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Comments

  • Reply 1 of 23
    He's there to DJ. DJ D-Sol in the house!


    maciekskontaktcornchip
  • Reply 2 of 23
    FolioFolio Posts: 499member
    Hope Apple gets more out of it than it's giving up. Goldman alliance would seem to tarnish Apple image on Main Street, and cries about inequality aren't getting any quieter
    gutengeldavgreglordjohnwhorfin
  • Reply 3 of 23
    FolioFolio Posts: 499member
    Given his presence, I'm expecting something big. Like cash back on ApplePay Cash. We get cash back on credit cards, why not debit? Such a move would help Goldman and Apple both, if they can swing it
  • Reply 4 of 23
    SpamSandwichSpamSandwich Posts: 30,837member
    Such a tone deaf alliance from Apple. Full disclosure, I hold stock in both companies yet even I’m not unaware of the many negatives associated with the Goldman Sachs name.
    davgreg
  • Reply 5 of 23
    jungmarkjungmark Posts: 6,658member
    Don't  get into the CC business. It's filled with scum and villainy. 
    davgregcornchipAnilu_777
  • Reply 6 of 23
    designrdesignr Posts: 464member
    jungmark said:
    Don't  get into the CC business. It's filled with scum and villainy. 
    Perhaps true but judging by how every business I encounter (and I mean almost every single one!) wants to offer me one, I suspect there's a lot of money to be made there. Maybe Apple can bring something new and interesting.

    It's clear they seem to be putting their foot on the accelerator of services. This includes Apple Pay/financial related services.
  • Reply 7 of 23
    spice-boyspice-boy Posts: 739member
    Really bad PR move Tim. 
    davgreglordjohnwhorfin
  • Reply 8 of 23
    SoliSoli Posts: 8,678member
    Folio said:
    Given his presence, I'm expecting something big. Like cash back on ApplePay Cash. We get cash back on credit cards, why not debit? Such a move would help Goldman and Apple both, if they can swing it
    Because one is an incentive by credit card companies to join them and they make their money because most people keep balances on their accounts. If I could get cash back on using a debit card to send someone cash via APC then we could just pass money back and forth between accounts on devices to make money.
    stompy
  • Reply 9 of 23
    davgregdavgreg Posts: 279member
    jungmark said:
    Don't  get into the CC business. It's filled with scum and villainy. 
    Nothing like getting money from the Fed for almost free and then loaning it out at usurious rates to people with good credit.

    My USAA Card is 0%. Doubt Government Sachs can beat that. 
  • Reply 10 of 23
    rogifan_newrogifan_new Posts: 3,825member
    When people think of Apple they certainly think of a co-branded credit card with a big Wall Street bank. Good grief. Cook & Co. are obsessed with so-called “services” and it seems like the focus now isn’t making great products but how can they monetize their customers.
    edited March 20
  • Reply 11 of 23
    Will he be carrying a big bag filled with gold in each hand?
  • Reply 12 of 23
    Goldman Sachs has offices in 33 major countries. Will the credit card be available in the US only or in all 33 countries?
    Anilu_777
  • Reply 13 of 23
    mjtomlinmjtomlin Posts: 1,819member
    When people think of Apple they certainly think of a co-branded credit card with a big Wall Street bank. Good grief. Cook & Co. are obsessed with so-called “services” and it seems like the focus now isn’t making great products but how can they monetize their customers.

    What is loud and clear across the internet these days is that EVERYONE needs to get into services if they want to survive. Apple has always made "after-market" money from their users by selling peripheral products and services that a customer can choose to partake in if they feel it's a good value. Apple would be stupid to not get involved in more services/products if they feel they can somehow make their platform more desirable to their users. Whether you find value in Apple's services or think their products are great or not doesn't matter.


    StrangeDayscaladanianfastasleep
  • Reply 14 of 23
    StrangeDaysStrangeDays Posts: 7,085member
    jungmark said:
    Don't  get into the CC business. It's filled with scum and villainy. 
    Do you have a credit card?
  • Reply 15 of 23
    If Apple indeed finds a way to provide an improved credit card service with software, will these iOS software features also be made available to Apple's competitors? I can imagine the big banks making a legal case against Apple, like Spotify is currently doing, for monopolistic practices. Spotify's case looks weak, but this case could be stronger. More worryingly, if the banks don't get their way, they might pull out of Apple Pay.
  • Reply 16 of 23
    StrangeDaysStrangeDays Posts: 7,085member
    When people think of Apple they certainly think of a co-branded credit card with a big Wall Street bank. Good grief. Cook & Co. are obsessed with so-called “services” and it seems like the focus now isn’t making great products but how can they monetize their customers.
    Good grief you are so disconnected what we here call reality. Apple: makes the vast majority of its money from hardware sales. Of that most from iphones, which you personally have faulted joining the chorus calling for less dependency. Now they diversify a bit into non-hardware, and what do you do? Complain about that too. Further, you invent a bogus claim that they aren’t focused on making great products anymore, which is really the stupidest thing I’ve read all day.

    I know you hate this hard truth, but “monetizing customers” is the definition of commerce since the advent of money and trade. Heavens!
    fastasleep
  • Reply 17 of 23
    FolioFolio Posts: 499member
    Yes, they'd have to forbid that inter-personal transactions. Consider starting with gas stations, cash back if you use AppleCash. In short, there's a hugh untapped market where you can undercut Visa and Mastercard bloat which should please both merchants and consumers. Digital cash, with convenience and much smaller spreads.
  • Reply 18 of 23
    SoliSoli Posts: 8,678member
    Folio said:
    Yes, they'd have to forbid that inter-personal transactions. Consider starting with gas stations, cash back if you use AppleCash. In short, there's a hugh untapped market where you can undercut Visa and Mastercard bloat which should please both merchants and consumers. Digital cash, with convenience and much smaller spreads.
    How would that work since APC still goes through Discover Network, a multinational financial network, like MC and Visa? And then you have countless options with Visa and MC in which usually with debit cards (but they can be CC) attached to your APC card for making a payment. Where are you seeing that Discover Network is so much less than MC and Visa that cash back to use Discover and APC to get gas would allow for direct cash back?

    I believe that there could be a tangible benefit for retailers and card issuers to promote Apple Pay, but that's from an assumed savings for financial instructions due to lower theft from an authenticated device for making a purchase. Give the retailer an incentive to adopt and promote Apple Pay buy lowering their transaction fees and give the customer some rewards for using it so that all three parties benefit financially.
    edited March 20 Anilu_777
  • Reply 19 of 23
    FolioFolio Posts: 499member
    Well yes, agree with much of that Soli. Apple has gone out of its way to say not competing w Visa. But some day imho that will change. Current cooperation seems pedestrian. I'm thinking Apple chose Goldman to eventually do bigger things with blockchain. Things to disrupt the high fees of Visa, MC, and commercial banks. And Discover and Amex, etc. This is just my speculation. No inside knowledge.
  • Reply 20 of 23
    Goldman Sachs has offices in 33 major countries. Will the credit card be available in the US only or in all 33 countries?
    Indeed. I’m VERY tired (Canadian user here) of seeing great features then being told “not available in Canada”. How about getting them ready for multiple countries before rollout, Apple?! 
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