Goldman Sachs is not about to work with Apple again. While waiting to get rid of its partnership with Apple around the Apple Card, the investment bank would be on the verge of being inflicted with a large fine for financial mismanagement. The separation seems inevitable.
A partnership that ends badly
Goldman Sachs thought it had the partnership of the century, we can now say that it is quite the opposite. The investment bank continues to accumulate problems because of the Apple Card. According to a recent report from Wall Street Journalthe Consumer Financial Protection Bureau (CFPB) is reportedly about to fine it for poor customer service management regarding Apple Card customers.
Poor management in all areas, from simple reimbursement to invoicing or credit management. The biggest concern is obviously the handling of disputes, which are much more numerous than Goldman Sachs had anticipated. She also strongly criticized Apple for not fixing things with its monthly billing system.
An investigation opened two years ago which could soon result in a fine of several tens of millions of dollars. We are talking about an amount easily exceeding 50 million dollars. A high amount justified by the reimbursement of a portion of customers whose justified dispute was never handled.
A month ago, we learned that Apple could abandon Goldman Sachs for JPMorgan Chase, another American investment bank. Complex negotiations as it does not wish to reproduce the same mistakes as its competitor. The two points of contention are the abandonment of the monthly billing cycle, which seems to have caused so much trouble for Goldman Sachs, and the negotiation of the $17 billion outstanding payments from Apple Card holders. Doing business with Apple is not always a sign of success, and Goldman Sachs will not say otherwise.
