Apple, $AAPL, and Goldman Sachs, $GS, have been planning the launch of a stock trading feature for Apple devices, with the launch on hold

9/20/2023

Apple, $AAPL, and Goldman Sachs, $GS, have been planning the launch of a stock trading feature for Apple devices, with the launch on hold

The feature would have allowed users to buy and sell stocks directly from their iPhones, potentially rivaling existing trading apps such as Robinhood, $HOOD, and Cash App.

Goldman Sachs helped launch the Apple Card in 2019 and spent approximately $350 per new customer acquisition. In 2022, it scaled back its efforts to transform its consumer savings business, Marcus, into a fully-fledged digital bank.

Apple, AAPL, Card responsible for more than $1 billion in losses for Goldman Sachs, GS, per Bloomberg.

In just the first nine months of 2022, the businesses including Apple Card saw a pretax loss of over $1.2 billion.

From 2020 to the end of September 2022, those losses amounted to $3 billion.

Bloomberg reports that sources close most of the $1 billion loss in 2021 came from Apple Card.

Previous estimates inside Goldman aimed for breaking even with the Platform Solutions division by 2022, per Bloomberg.

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