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by bombcar
976 days ago
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Yeah, and GS is the perfectly wrong bank for them to buy as it's really just an investment bank. But all this muttering sounds like we're going to see GS buy a tiny bank, saddle it with the consumer business (e.g, Apple Card and savings) and then sell that bank to Apple. I wonder if "owns an Apple device" is enough to count as a group for a credit union ... :D |
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https://www.goldmansachs.com/our-firm/history/moments/2008-b...
There is no purpose to GS buying a tiny bank, they already have all the licenses and regulatory requirements and liability exposure. And they opened to retail customers 7 years ago:
https://www.goldmansachs.com/media-relations/press-releases/...
What motivation would Apple have to buying a bank and exposing itself to all that extra regulation and liability? Apple will just move on to the next best offer they get from a bank for a cobranded credit card, like any other retailer.