Netflix of Wall Street — Facebook's secret drone project — Uber's rookie error

Hello!

First Goldman Sachs wanted to be the Google of Wall Street. Now it’s exploring a service that’s more like Netflix.

As Dakin Campbell reported this week, a recent Goldman Sachs job ad for an entry-level salesperson hints at a world in which investors pay monthly subscription fees to Wall Street banks. As Dakin reports:

Subscriptions offer the promise of a new revenue model for Wall Street trading operations hobbled by new rules, dampened volatility, and a challenged customer base.

It means taking a page from Silicon Valley, where tech behemoths make piles of money from their troves of data.

Dakin’s story serves as another example of Wall Street taking inspiration from Silicon Valley. JPMorgan chief executive Jamie Dimon has mentioned Amazon Prime as a model for its banking efforts, for example.

With that in mind, here’s some of our best coverage from the past week on where Wall Street and Silicon Valley meet:


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Quote of the week

“This will be the biggest thing in our generation. This is going to be able to do amazing things in the future.”

Todd Holmdahl, corporate vice president of Microsoft Quantum, on the power of quantum computing.

In conversation

Finance and Investing


Inside D.E. Shaw’s special relationship with Blackstone, which shines a light on the power the hedge fund industry’s largest investors have

Every hedge fund – even the biggest firms run by celebrity investors – is most concerned about one thing: keeping its biggest investor happy.


Barclays held an ad hoc town-hall meeting to calm staff shocked by the sudden departure of their boss – but a key exec was conspicuously absent

Barclays’ shock management overhaul and the departure of Tim Throsby, its investment-banking chief, were such a bombshell to staff that management called a last-minute ad hoc town-hall meeting to soothe nerves of staffers in one of its most important units.


Forget the yield curve. Morgan Stanley says investors should be focused on a superior recession signal – one that’s threatening to flash by year-end.

Unless you’ve been living under a rock for the past several days, you’ve probably been swept up in yield-curve mania.

Tech, Media, Telecoms


Facebook secretly explored building bird-size drones to ferry data to people with bad internet connections

Facebook recently explored building bird-size drones loaded with data to help improve peoples’ internet connections.


Microsoft says ‘no one’s even close to what we’re offering’ in a cloud market that Amazon and Google are only just starting to enter

Microsoft just launched two new services that can keep it in the lead for hybrid cloud – something that Amazon and Google are just starting to roll out.


Politico is pumping $US10 million into its subscription product as new tech startups muscle into the pricey DC market

Politico is trying to boost its high-priced subscription product as it fights off competitors.

Healthcare, Retail, Transportation


Health-insurance startup Clover Health just laid off 25% of its staff months after raising $US500 million

Clover Health is laying off 25% of its staff.


Billions of dollars are pouring into gene-therapy startups. Top execs at 3 companies described the biggest challenge the new field faces.

A decades-old scientific technology that targets disease at its genetic root has come of age. New startups are pouring into the space – and becoming major acquisition targets.


Careem’s CEO ribbed Uber for making a rookie error in the Middle East. Now Uber’s paying $US3.1 billion to buy it.

Just weeks ahead of its highly anticipated initial public offering, Uber announced a $US3.1 billion deal to acquire one of its largest rivals in the Middle East, Careem.

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