Goldman Sachs Group Inc would be issuing Apple Inc’s new co-brand credit card, a person familiar with the matter said, as the investment bank deepens its push into consumer finance.
Goldman Sachs’ arrangement with Apple would replace the technology giant’s previous deal with Barclays PLC, the person said, asking not to be identified as they were discussing internal plans. The two companies are still formulating the product, the person said.
Goldman Sachs is planning a deeper foray into the world of co-brand credit cards, a space that has become increasingly competitive as banks ratchet up rewards to win business with retailers. The firm has been expanding into consumer finance through its new Marcus unit, an effort led by Harit Talwar, the former head of Discover Financial Services’ US card business.
Goldman Sachs recently hired Scott Young and Anand Sivadasan, who previously negotiated co-brand credit card partnerships for Citigroup Inc, and Shailesh Mendonca, a digital marketing executive from Capital One Financial Corp.
Spokespeople for Goldman Sachs, Apple and Barclays declined the opportunity to comment.
The Wall Street Journal reported on the new partnership earlier on Thursday, saying a card could be released next year.
Barclays offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases. For purchases of more than US$999, Barclays also offers 18 months of interest-free financing.
Apple has been expanding into finance through Apple Pay, which allows users to load their debit and credit cards into a digital wallet and pay with their phone.
Since its debut in 2014, the service has attracted about 86 million consumers, Juniper Research said.
Last year, it launched Apple Pay Cash, a person-to-person payments platform that allows Apple to compete with PayPal Holdings Inc’s Venmo.
Merchants have been slow to adopt Apple Pay, with just 35 percent saying they accept the service in a survey this year by Kount. That compares with 64 percent of merchants saying they accept PayPal, which is considered the leader in digital wallets with 237 million users.
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
Saudi Arabian Oil Co (Aramco), the Saudi state-owned oil giant, yesterday posted first-quarter profits of US$26 billion, down 4.6 percent from the prior year as falling global oil prices undermine the kingdom’s multitrillion-dollar development plans. Aramco had revenues of US$108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw US$107.2 billion in revenues and profits of US$27.2 billion for the same period last year. Saudi Arabia has promised to invest US$600 billion in the US over the course of US President Donald Trump’s second term. Trump, who is set to touch
SKEPTICAL: An economist said it is possible US and Chinese officials would walk away from the meeting saying talks were productive, without reducing tariffs at all US President Donald Trump hailed a “total reset” in US-China trade relations, ahead of a second day of talks yesterday between top officials from Washington and Beijing aimed at de-escalating trade tensions sparked by his aggressive tariff rollout. In a Truth Social post early yesterday, Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner.” The second day of closed-door meetings between US Secretary of the Treasury Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng (何立峰) were due to restart yesterday morning, said a person familiar
RSS