Apple unwinding Goldman Partnership

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Apple is set to end its credit card partnership with Goldman Sachs, a move that significantly impacts Goldman's consumer lending ambitions. This change, expected to take effect within the next 12-15 months, will dissolve their collaboration, which includes both the credit card and the recently launched savings account. The termination of this partnership, initially extended through 2029, marks a rapid shift in strategy and comes amidst considerable losses in Goldman Sachs' consumer banking sector. Goldman has even flagged potential changes to Apple prior to this decision. While Apple is actively seeking a new partner, the future of this initiative remains uncertain. Concurrently, Goldman Sachs is discussing a possible program handover with American Express. However, Amex has raised concerns about aspects like loss rates, adding to the complexity of the situation. (Although Apple has denied this story, numerous major outlets are reporting it. Outlets like the Wall Street Journal claim the denial is an attempt to control PR.)

2. Elon Musk, owner of X (formerly Twitter), defiantly addressed the recent advertiser boycott at the 2023 DealBook Summit, dismissing what he views as blackmail attempts and warning of potential boycotts against advertisers like Disney. Acknowledging his recent controversial tweets as a mistake, Musk insisted on his support for Jewish communities, clarifying his recent visit to Israel wasn't an 'apology tour' but pre-planned. Discussing his companies' regulatory compliance, Musk emphasized adhering to local laws while promoting free speech, even in challenging markets like China, and remained unfazed by the criticism and loss of advertisers on X.

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4. Headlines

   1. General Motors shares are up after a $10B stock buyback started.

   2. Mortgage demand is up again this week.

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