Goldman spending heavily on Apple Card | Inside Apple - July, 17th 2019 | Inside.com

Inside Apple (Jul 17th, 2019)

Goldman spending heavily on Apple Card

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3. Goldman Sachs is spending huge sums on its new businesses like Apple Card as it attempts to become a more consumer-focused bank. To date, it has spent $1.3 billion on developing Apple Card, its consumer banking arm Marcus, and other new initiatives, spending $275 million this year alone and reducing the firm’s returns by 0.6 percent. This summer’s launch of Apple Card is imminent, with iOS 12.4 on its seventh beta, so next quarter we’ll see how that investment is looking for Goldman. — CNBC


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