Goldman Sachs Eyes Potential ‘Cannibalization’ From Apple’s New Savings Account

Goldman Sachs Eyes Potential ‘Cannibalization’ From Apple’s New Savings Account
David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, Calif., on May 2, 2022. Mike Blake/Reuters
Tom Ozimek
Updated:
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Goldman Sachs CEO David Solomon said he’s not concerned about Apple’s new savings account overshadowing his bank’s own Marcus savings accounts, though he’s watching closely for “cannibalization.”

Solomon made the remarks in a recent earnings call, during which he was asked about Apple’s newly-announced savings account, which offers an annual percentage yield (APY) of 4.15 percent and is being offered in partnership with Goldman Sachs.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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