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Apple and Goldman Sachs Planned to Launch iPhone Stock Trading Feature Last Year
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Lol they shelved the project because the stock market went down? They didn't think that this was a possiblity when they thought of the idea? Unbelievable.
Apple and Goldman Sachs planned to launch a built-in stock trading feature for the iPhone last year, CNBC reports.
According to three individuals familiar with the matter talking to CNBC, the feature would have served as a rival to trading apps like Robinhood, allowing users to buy and sell stocks directly from their iPhone in a convenient way. One ability apparently pitched by executives was the ability to invest in Apple shares using spare cash. The feature would have bolstered the collaboration between Apple and Goldman Sachs, which now includes Apple Card, Apple Pay Later, and Daily Cash Savings.
Work on the project reportedly began in 2020, when interest rates were low and there was record interest in trading shares. Apple developed the feature and planned to roll it out at some point in 2022. When markets worsened last year, Apple and Goldman Sachs shelved the project due to fears over backlash if users lost money in the stock market, and refocused attention on a high-interest savings account for Apple Card users.
The infrastructure for the investing feature is apparently mostly built and ready to launch if Apple eventually decides to proceed with it, but there are no immediate signs that it has plans to do so.
Article Link: Apple and Goldman Sachs Planned to Launch iPhone Stock Trading Feature Last Year
Sounds like Goldman Sachs wanted to do it but then Apple was like... Wait a minute?
Yeah what a stupid idea what the heck was Tim Apple thinking. There are plenty of apps from TD etc.. for trading. This would just put Apple on the crosshairs, how good will price execution be on this feature?
Mind-boggling that it took the downturn of 2022 for these two enormous companies to realize people could lose money.
If they limited it to a low risk three fund Boglehead strategy id get behind it simplify the investing process and get rid of active management and stock picking apps the vast majority of people are best just holding a low or no fee index fund.If you can beat the index consecutively there's a lot of banks that would love to talk to you.
It's not a rumor though. Goldman Sachs was in discussions with potential companies they could offload the Apple credit card and savings accounts to. For months now, Goldman has been pulling back from the consumer banking business so they can refocus on their much more profitable Wall St. and asset management business.
Goldman is still actively in talks to sell GreenSky where they're expected to take a $1.7 billion loss.
Making it easier for people to trade isn't really the answer.
Young trader dies by suicide after thinking he racked up big losses on Robinhood
A 20-year-old trader who said he lost hundreds of thousands of dollars on the free trading app took his own life, according to his family.
We need education.
Dude this is a mega ridiculous thing you said.
You can't just blanket statement everything in the world w/ "i bet apple would do it better".
The weather is getting more extreme: "I bet apple can come up w/ something..." 🥴
The machine that IS the stock market chew & spits your average person out like old gum. Making a more pleasing UI is like putting a kiddie lock on a tiger cage.
Get a grip.
btw, robinhood already exists for anyone who likes to lose money using a "cool" app
This stuff has been going on since 2020 - long before the talks of wanting to get out of the card business earlier this year.
This would be a dangerous move for Apple however well intentioned. I just watched the new movie 'Dumb Money' and Dumb Money is the term that Wall Street uses to describe retail investors (i.e. the average person). The market favors those with information and good information is expensive. The simple truth is that most retail investors lose money because they follow trends, hype or their gut. Yes - there are cases where people make millions, but that's akin to saying sometimes people win at roulette.
I'm not saying that all casual investing is bad. I do it myself here and there, but really I look at it as Vegas money. My future and my retirement is held in low-cost index tracking funds, real-estate and other assets.
In my opinion, Apple would be wise to avoid being associated with anything that could lead to people losing money on things they don't understand. It would only have a downside risk for them. Let Robinhood have that market.
Lowering the barrier to entry and simplifying stocks is a recipe for disaster. Most people lose money trading individual stocks.
Hey Siri, be my personal broker! Now it is your person broker! These are wondrous times with AI!
You don’t need to say “Hey” anymore (just “Siri” is enough). So it is much quicker now to get the wrong response.
It's not smart to buy individual stock and try to predict the market. Just set up a mutual fund and invest in an index fund, like the S&P 500. Set it up and leave it alone, you'll get a good return over time.
The Apple titanium card has a MC logo etched on it. So I assume it will stay with MC whatever financial institution it is affiliated.
edit: it also has the GS logo etched too so not sure what Apple will do with the card if GS jumps ship.
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