The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Macaskill on markets: Apple and the IT spending serpent

As technology spending escalates, financiers now face a temptation to reframe costs as an investment in future growth, safe in the knowledge that it is extremely difficult to check their assertions.


Financial industry executives know they have to seem technology savvy nowadays. Digital labs are found in most banks and insurance firm Aviva even set up a digital garage in London’s hipster enclave of Hoxton Square, although that may have been so it had somewhere to store printouts of its discarded strategy plans.

Goldman Sachs has been a leader in the field of aggressive marketing of supposed technological advantages, including promotion of its institutional client digital platform Marquee. Goldman has actually lost fixed income and equity trading market share in recent years, so it is not clear how much of a differentiator this platform has been, but it remains a focus of promotional efforts.

In another attempt to establish technological superiority over its peers, the bank will soon provide more details of a partnership with Apple. This looks likely to be an arrangement to provide a credit card targeted at millennial customers, complete with features that may make it difficult for Goldman to turn a profit.

In its first-quarter earnings presentation Goldman highlighted the partnership as though it had the potential to transform its entire future, however.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree