Goldman Sachs might be contemplating another stroll down Main Street. The Wall Street mega-firm took out a full-page ad in the Financial Times for its asset management business this week, a type of marketing that seems more retail-focused and is a rarity for the 156-year old company. Those ads, along with other spots that recently aired on CNBC, marks largely new territory for Goldman, according to Marc Nachmann, Goldman global head of asset and wealth management. The promotions are among the firm’s effor ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. The Consumer Financial Protection Bureau has terminated a pair of consent orders against Washington Federal, the bank announced this month in a filing with the Securities and Exchange Committee. The regulator backed up the disclosure with notices of its own last week – though details were sparse. The terminations each pertained to violations of the Home Mortgage Disc ...

Group 1: U.S. Bank - The Consumer Financial Protection Bureau (CFPB) has terminated consent orders against U.S. Bank, ending enhanced compliance periods years ahead of schedule [1][4] - In December 2023, U.S. Bank was ordered to pay $20.7 million for freezing unemployment benefits of ReliaCard holders during the COVID-19 pandemic, which was defended as an anti-fraud measure due to a 40-fold increase in unemployment benefits [2][3] - U.S. Bank prevented fraud of over $375 million and returned hundreds of millions to states, emphasizing its commitment to state agency clients [3] - The CFPB acknowledged that U.S. Bank fulfilled obligations under the order, including paying a $15 million civil penalty and implementing measures to prevent future violations [4][5] Group 2: Apple - The CFPB terminated a consent order against Apple, which was issued in October 2024, alleging that Apple failed to send thousands of Apple Card consumer disputes to Goldman Sachs [6] - Apple received a lighter penalty compared to U.S. Bank, while the CFPB noted that Goldman Sachs failed to properly investigate the disputes it received [6]

Group 1 - Apple Inc. is considered a buy by Jim Cramer, alongside Amazon, due to the recent introduction of a new iPhone model and the overall decline in classic growth stocks [1] - Historically, purchasing Apple stock after the launch of new iPhone models has resulted in an average gain of 13% within 12 months [1] - Apple offers a wide range of products and services, including smartphones, computers, tablets, wearables, cloud services, and various subscription platforms [2] Group 2 - There is a belief that certain AI stocks may present greater upside potential and lower downside risk compared to Apple [3] - The article suggests that there are undervalued AI stocks that could benefit from current economic trends, such as tariffs and onshoring [3]

Core Viewpoint - Apple has generated significant wealth for investors over the past three decades, with a total return of 68,660% [1] - The company's future growth potential may not match its historical performance, raising questions about its ability to create new millionaires [2] Revenue Composition - Apple's revenue is heavily reliant on hardware, particularly the iPhone, which accounted for 47% of total revenue in Q3 of fiscal 2025 [5] - The services segment is growing, contributing $27.4 billion in revenue and 29% to total sales, with a year-over-year growth of 13.2% and a gross margin of 76% [6] Growth Prospects - The company is projected to grow revenue at a compound annual rate of 5.7% from fiscal 2024 to fiscal 2027, which is modest given its size and maturity [8] - Apple is developing new smart home devices powered by AI, but their impact on revenue is expected to be minimal [9][10] Company Quality - Apple is recognized for its strong brand presence, innovative history, and high profitability, which have attracted significant investments from firms like Berkshire Hathaway [11] - Despite its strengths, the stock may not deliver the same high returns as in the past, with a high price-to-earnings ratio of 35 and limited growth prospects [12]

Core Viewpoint - The acquisition of the Apple Card Portfolio is expected to significantly enhance JPMorgan Chase & Co.'s long-term prospects, making it a "Buy" recommendation [1]. Group 1: Acquisition Impact - The acquisition could provide JPMorgan with access to 12 million customers, which would be a substantial addition to its customer base [1].

Core Insights - A potential deal between Apple and JPMorgan Chase may end CoreCard's involvement in Apple's credit card services, which has been significant since the launch of the Apple Card in March 2019 [2][3][4] - Apple is reportedly looking to terminate its partnership with Goldman Sachs, which has been managing the Apple Card, due to significant losses and a desire for better service [4][5] - CoreCard, which has provided unique features for the Apple Card, could face substantial risks if JPMorgan takes over as the issuer, as JPMorgan has in-house processing capabilities [5][6] Company Relationships - CoreCard is currently Apple's largest client, but this relationship is at risk as Apple shifts its credit card partnership to JPMorgan [2][5] - The partnership with Goldman Sachs was initially set to last until 2029, but Goldman Sachs has expressed intentions to exit the partnership due to operational losses [5] - CoreCard's valuation peaked at $490 million shortly after the Apple Card's launch, highlighting the significance of its relationship with Apple [5] Market Dynamics - The credit card market is dominated by a few major banks, and CoreCard's unique position may be jeopardized if JPMorgan or another major issuer takes over the Apple Card [5][6] - The ongoing discussions between Apple and JPMorgan have been reported since early last year, indicating a strategic shift in Apple's approach to credit card services [3]

Group 1: Apple Store Closures and Openings - Apple will close its first official retail store in China, the Dalian Century City store, on August 9, 2023, due to multiple retailers leaving the shopping center [1] - The Dalian store opened on October 24, 2015, and is the first Apple Store to shut down in the country [1] - Apple plans to open a new retail store in Shenzhen on August 16, 2023, marking its third store in the city [1] Group 2: Legal Challenges - Apple has issued a strong statement against the U.S. Department of Justice (DOJ) regarding antitrust lawsuits, claiming all 236 allegations are unfounded [2] - The lawsuit threatens the core principles that allow the iPhone to stand out in a competitive market, according to Apple [2] - Apple is expected to engage in a prolonged legal battle, with the potential for a resolution taking several years [2] Group 3: Financial Partnerships - Apple is reportedly in talks with JPMorgan Chase to take over the Apple Card credit card business from Goldman Sachs [3] - Negotiations between Apple and JPMorgan began in early 2022, with recent developments accelerating the process [3] - Although no agreement has been signed yet, Goldman Sachs has hinted at the possibility of ending the partnership before the original contract expiration in 2030 [4] Group 4: Securities Fraud Allegations - Apple faces a new class-action lawsuit related to delays in the upgrade of its Siri digital assistant, which has been postponed to after iOS 18 [5] - The Rosen Law Firm is seeking investors who purchased Apple securities between June 10, 2024, and June 9, 2025, to join the lawsuit [5] Group 5: Real Estate Investments - Apple has signed a deal to acquire the Mathilda campus in Sunnyvale for $365 million, marking its third major real estate transaction in the Bay Area this year [6] - The total investment for office space expansion in the Bay Area over the past three months approaches $882 million [6] - Despite high vacancy rates in the tech industry, Apple continues to expand its office space in the Bay Area [6]

Core Insights - Potential acquirers such as American Express, Synchrony, and Barclays have withdrawn from the competition for the Apple Card business, although the agreement has not been formally signed, indicating the deal may still fall through [1] - If the transaction is completed, it would represent one of the largest credit card business transfers in history, further solidifying JPMorgan Chase's position as the largest credit card issuer in the U.S. [1] - For Goldman Sachs, divesting the Apple Card business would help alleviate a challenging operation under CEO David Solomon's tenure [1] - Partnering with JPMorgan Chase would provide greater stability for Apple's Apple Card business, which has experienced rapid expansion in recent years, despite Goldman Sachs facing regulatory scrutiny over billing and refund operations [1] - According to the original agreement, Goldman Sachs committed to servicing the Apple Card until at least 2029 [1]

Market Overview - The US stock market experienced a collective decline due to uncertainties surrounding trade issues and the Federal Reserve's interest rate decision, with the Dow Jones down 0.46%, S&P 500 down 0.30%, and Nasdaq down 0.38% [1][2] Sector Performance - Investors' focus has shifted from concerns about deep recession and uncontrolled inflation to identifying industry winners and losers amid tariffs and new trade agreements. Cresset Capital's Jack Ablin noted that tariff issues are increasingly viewed as specific corporate challenges rather than systemic risks [2] Major Tech Stocks - Most large tech stocks saw declines, with Apple down 1.30%, Nvidia down 0.70%, Amazon down 0.76%, and Meta down 2.46%, resulting in a loss of nearly 320 billion RMB in market value for Meta [3][4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.35%, with Alibaba down 2.28%, JD down 3.01%, and NIO down 2.48% [4] Company News - JPMorgan is nearing an agreement to take over Apple Card from Goldman Sachs, marking a significant collaboration between the largest US bank and a tech giant [5] - Novo Nordisk's stock plummeted nearly 22% after the company lowered its full-year guidance due to weak growth expectations for its weight loss drug Wegovy in the US market [5] Future Developments - Microsoft is in talks with OpenAI to continue using its technology after achieving general artificial intelligence (AGI), aiming to clear obstacles for OpenAI's commercialization [6] - Apple is expected to release its first foldable iPhone as part of the iPhone 18 series in September 2026, priced at $1999 [6][7] Federal Reserve and Commodity Markets - The market is closely monitoring the upcoming Federal Reserve interest rate decision, with expectations that rates will remain between 4.25% and 4.5%. Analysts predict potential rate cuts in September and December, depending on economic data [8] - Commodity markets are active, with international gold prices rebounding and oil prices significantly rising, partly due to Trump's announcement of a trade agreement with the EU [8]