Get All Access for $5/mo

A Goldman Partner Reportedly Blasted Apple's Savings Accounts as a Mistake: 'We Should Have Never Done This F—ing Thing' Apple announced earlier this year that users had deposited more than $10 billion into savings accounts.

By Haley Tenore

Key Takeaways

  • A Goldman partner criticized the bank's launch of Apple savings accounts as a mistake, WSJ reports.
  • Goldman has reportedly been exploring offloading its Apple partnership to AmEx.
  • The report comes amid Goldman's larger shift away from consumer lending. The bank reports earnings Tuesday.
Photo by Michael M. Santiago/Getty Images via Business Insider
The Wall Street Journal's latest report suggests Goldman is potentially looking for the exit as it looks to minimize its consumer-lending footprint.

This article originally appeared on Business Insider.

A new report from The Wall Street Journal sheds further light on how Goldman insiders feel about the bank's consumer-lending efforts with Apple.

One quote, in particular, stands out.

"We should have never done this f—ing thing," an unnamed Goldman partner, speaking about the bank's April savings accounts launch with Apple, reportedly told others at the bank.

Together, Apple's partnership with Goldman has yielded multiple consumer services, including an Apple credit card, the aforementioned Apple savings account, and a buy-now,pay-later service that lets customers spread out payments on larger purchases.

But while Apple and Goldman have publicly touted the success of the various services — Apple announced earlier this year that users had deposited more than $10 billion into savings accounts — the Journal's latest report suggests Goldman may be looking for the exit as it seeks to minimize its consumer-lending footprint.

Other Goldman insiders apparently agree with the unnamed partner's feeling that the partnership was a mistake, the Journal reported.

This also isn't the first rumbling of unrest in the partnership. The Journal reported in July that Goldman was considering offloading its Apple partnership, possibly to American Express. But the companies haven't spoken publicly of any changes. That same month, Goldman CEO David Solomon told investors and analysts during the bank's second-quarter earnings call that the bank was making progress on its credit card partnerships, which also include a credit card with General Motors, launched in 2020.

"We've also said very clearly that our credit card partnerships are long-term partnerships…They definitely can operate better," Solomon said on the call. "We've been working hard to improve the operation of them … we're making good progress on that. And we're working with Apple and also with GM to do that."

Apple did not respond to Insider's request for comment ahead of publication. A Goldman spokesperson declined to comment on the Journal's report.

But Goldman faced mounting losses in its consumer banking business during the pandemic, Insider's Dakin Campbell reported in August 2022. In October 2022, Solomon said that Goldman's deal with Apple had been extended until 2029.

Meanwhile, pressure on Solomon has been growing.

Last quarter, Goldman reported its worst earnings in years. According to Solomon, the gloomy numbers were part of the bank's "journey" to chart a new path with its evolving strategy.

Goldman reports its third-quarter earnings Tuesday.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

'The Work Just Fills My Soul': She Turned Her Creative Side Hustle Into a 6-Figure 'Dream' Business

Kayla Valerio, owner of vivid hair salon Haus of Color, transformed her passion into a lucrative venture.

Marketing

6 Cost-Effective Ways to Acquire Brand Ambassadors

Boost your brand's visibility and credibility with budget-friendly strategies for acquiring brand ambassadors.

Making a Change

Mastering Resilience: Learn to Detach Mistakes from Your Self-Worth with Darrell Vesterfelt

A moment of crisis led to his partners asking him to step away from one of the businesses that he co-founded

Devices

Remove Unwanted Files from Your Work Mac Fast with This $32 Lifetime License

MacCleanse can help you safely and securely clean up your computer.

Growing a Business

This Nurse-Turned-Entrepreneur Saw the Needs of Underserved Communities Firsthand. Now, His Company Uses AI to Help Them.

Kwamane Liddell, the innovative founder behind ThriveLink, shares his entrepreneurial journey.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.