Goldman Sachs and Apple plan to offer a new credit card

One company has a devoted customer base teeming with wealthy, well-traveled young adults. The other is a financial powerhouse with few offerings for everyday consumers.

Now they are trying to join forces.

Angry businessman phoning the bank for credit card support  ++++ Note for the inspector : Credit card is fake and made especially for the photosession ++++
Credit card (file picture). Source: istock.com

Apple and Goldman Sachs have been working for months on a new credit card product that would bear the Apple Pay brand, according to two people familiar with the companies’ talks.

They spoke on the condition of anonymity because the talks were continuing.

The product would be Goldman’s first credit card offering and could help the bank’s effort to expand its consumer products. For Apple, the deal could help it extend its Apple Pay brand, the technology giant’s digital payment service.

The two companies have not settled on all the details, said one of the people.

Andrew Williams, a spokesman for Goldman Sachs, declined to comment. Christine Monaghan, an Apple spokeswoman, also declined to comment.

The partnership was reported earlier Thursday by The Wall Street Journal.

The new card would fit into the suite of consumer products that Goldman recently began offering, like a savings account and an array of personal loans through its consumer banking service, Marcus. Goldman hopes to use those new products to reduce its reliance on trading revenue in the years to come.

The card could help Goldman insert itself into the lives of iPhone users, who represent a far broader swath of consumers than the company now serves, and eventually open them up to the other services the bank has to offer.

"This seems to make sense," said Devin Ryan, an analyst at JMP Securities, "It’s just one piece of a much bigger puzzle that is forming that is Goldman Sachs’ consumer finance business."

Part of Goldman’s recent consumer buildup has focused on credit cards. In December, the bank hired a team from a credit card startup called Final. In April it bought a mobile app, Clarity Money, that helps users search for the best credit card deals. It has been downloaded 1 million times.


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Student shot in arm at California school, teen suspect held

A high school student was shot in the arm Friday at high school in the California city of Palmdale and a 14-year-old suspect was taken into custody, officials said.

The shooting at Highland High School in the high desert Antelope Valley was sparked by a dispute between the alleged shooter and the victim, Los Angeles County sheriff's Capt. Darren Harris told KTTV.

The victim was expected to make a full recovery, he said.

Deputies recovered a gun at the scene as the suspect was taken into custody, Harris said.

The school remained on lockdown Friday morning as school officials worked to reunite students with their parents.

Sheriff's deputies also received a call reporting shots fired in the vicinity of Manzanita Elementary School about 11 kilometers away from Highland High School.
Officials said deputies searched the elementary school and found no evidence of a shooting.

US crime


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Starbucks has adopted an open-bathroom policy following the arrest last month of two African American men at a coffee shop in Philadelphia.

Chairman Howard Schultz says he doesn't want the company to become a public bathroom, but feels employees can make the "right decision a hundred percent of the time," if that choice is removed at the store level.

One of the men arrested on April 12 was denied use of a bathroom. He and his partner sat down to await a business meeting they had scheduled at the store, but were arrested minutes later by police.

The incident was captured by people using cell phones and it went viral.

The arrest of Rashon Nelson, along with his childhood friend and business partner, Donte Robinson, set off a firestorm for the company, which will shut down more than 8,000 of its U.S. stores on the afternoon of May 29 to instruct 175,000 employees how to better recognize unconscious bias.


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