Tim Cook, Apple's CEO, reportedly denied his company's credit card

economictimes.indiatimes.com:

Apple CEO Tim Cook found himself in an unusual predicament when he was denied a credit card adorned with his company's iconic logo. The incident was reportedly caused by a snafu within the troubled joint venture between Apple and Wall Street titan, Goldman Sachs, which oversees the Apple Card. According to The Information, Cook's high-profile status made him a prime target for fraudsters seeking to impersonate him, leading to his account being flagged by credit bureaus in 2019.

The red flags raised by the credit bureaus triggered Goldman Sachs' underwriting system to reject Cook's application for the Apple Card. Given the significance of this prominent executive's role, the issue became a notable talking point in the financial and tech spheres. However, Cook's financial clout couldn't be ignored for long.

Sources reported that Goldman eventually intervened and overrode the denial, granting the Apple CEO access to the sleek credit card. The partnership between Apple and Goldman Sachs, established for the launch of the Apple Card in October 2019, has encountered challenges over time. The report revealed that Goldman has been seeking ways to extricate itself from the venture due to lower-than-expected profitability in the short term.

The agreement between the two companies was inked when interest rates were low, and economic forecasts appeared more optimistic. At that time, Goldman had agreed to forgo collecting credit card fees, including interchange fees usually paid by merchants to accept Apple Card. The revenue shortfall has resulted in heightened costs for Goldman, putting pressure on the financial giant to reconsider its involvement with Apple.