Apple's collaboration with Goldman Sachs isn't turning out to be the sweet duet they'd hoped for. While the partnership with the tech giant has generated an Apple credit card and savings accounts, it appears that at least one Goldman Sachs partner is now having serious regrets. The Wall Street Journal's latest revelations suggest that the deal is far from harmonious and Goldman Sachs may be seeking a way out.
Apple and Goldman Sachs: It’s Turning Sour
Apple and Goldman Sachs have been publicly celebrating their consumer-lending services success, but not all seems to be well behind the scenes. An unnamed Goldman Sachs partner allegedly dropped an expletive-laden bomb, regretting the partnership, saying, "We should have never done this f—ing thing," according to a report from the Wall Street Journal. It appears that after the initial enthusiasm, some at the bank now believe it was a costly mistake.
The partnership between Apple and Goldman Sachs has produced a variety of consumer services, including Apple's savings accounts, a credit card, and a buy-now, pay-later service. Despite the outward appearance of success, some insiders at Goldman Sachs seem to be in tune with the unnamed partner's sentiments, suggesting that the arrangement might not be such a great idea.
The Rumblings Continue
This isn't the first time discordant notes have emerged. In July, rumors were swirling about Goldman Sachs possibly parting ways with Apple, with American Express as a potential suitor. But despite the murmurs, neither company has officially changed their tune on the matter.
Apple and Goldman Sachs have yet to issue a response to this latest development, but the sour notes surrounding their partnership continue to linger.
Pressure on the Goldman Sachs leadership is growing with the bank reporting its worst earnings in years last quarter.
Goldman Sachs reports its third-quarter earnings on Tuesday, keep your eyes peeled.