The investment bank spent about $300 million to build the credit card and reassigned thousands of its engineers to finish it on time, The Wall Street Journal reported over the weekend. Yet the iPhone maker debuted it on stage and in advertisements with the slogan “Created by Apple, not a bank.”
Goldman’s consumer-banking division, Marcus, made several concessions to win the Apple Card mandate. It agreed to scrap late fees and not sell customer data, sacrificing two common revenue streams, The Journal said. It also gave in to Apple’s demands, against the advice of Goldman’s lawyers, to use its signature font on monthly statements and prune them of standard industry language, the newspaper reported.
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