Apple and Goldman had worked on stock trading app for iPhone - report
Luis Alvarez
Apple (NASDAQ:AAPL) and Goldman Sachs (NYSE:GS) had been developing a feature allowing iPhone users to trade stocks but shelved the plan when stock markets tanked in 2022, according to a media report.
The two companies intended to create their own trading app, in competition with the likes of Robinhood (HOOD) and Morgan Stanley's (MS) E*Trade, when retail investors flocked to equity markets juiced by the injection of stimulus checks into U.S. consumers' bank accounts. Thus, emerged the meme-stock frenzy.
The new app would have expanded the partnership between tech giant Apple (AAPL) and Wall Street titan Goldman Sachs (GS), CNBC reported, citing three people familiar with the matter. Apple and Goldman first joined forces to offer the Apple credit card in 2019. In subsequent years, they added buy now, pay later financing and a high-yield savings account.
The trading app was scheduled to launch in 2022, but then higher interest rates and climbing inflation sent equity markets into bear territory. The Apple (AAPL) team became more cautious, worried about a user backlash if an Apple product led to consumers losing money, the sources told CNBC. The two companies then pivoted to focus on offering a savings account, which would help customers benefit from the higher interest rate environment.
Last month, 
It's unclear if the stock trading app would be resurrected. Goldman (GS) has pulled back from its consumer banking efforts. One of the people told CNBC that the infrastructure for the investing app is mostly ready to go, should Apple (AAPL) decide to proceed with the feature.

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