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:
- Apple and Goldman Sachs are rolling out a credit card with no fees that aims to minimise interest payments. Here’s how it could make money.
- A new study found JPMorgan and BofA are winning Wall Street’s technological arms race – and smaller firms may have no choice but to merge to keep up
- Here’s a breakdown of how much US banks are spending on technology
- BlackRock’s latest $US1.3 billion tech deal shows it wants to be more than an asset manager
- Wall Street is losing its battle against encrypted apps like WhatsApp and WeChat as it tries to police employee communications – and even regulators are stumped
What would you like this email to include? What have we missed? You can reach me at [email protected]
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.
- Dan DeFrancesco talked to Terry Duffy, the chairman and CEO of the Chicago-based CME Group, about Main Street taking more control over its portfolio from Wall Street.
- Marley Jay talked to Quincy Krosby, the chief market strategist at $US1.4 trillion Prudential Financial, about how investors should play the market as economic data continues to confuse.
- Rosalie Chan spoke to Front CEO and cofounder Mathilde Collin about about why it’s so important that the startup’s executive leadership team is 50% women.
- Matt Weinberger talked to Evan Goldberg, founder and executive VP of NetSuite, about life three years after the company was acquired by Oracle for $US9.3 billion.
- Lisa Eadicicco talked to Bonita Stewart, Google‘s vice president of global partnerships, about the advice she’d give her 25-year old self.
- Tanya Dua talked to Anatoly Roytman, the managing director and Europe, Africa, and Latin America lead at Accenture Interactive, about the consulting firm’s strategy to disrupt advertising.
- Lucia Moses talked to Will Lewis, publisher of The Wall Street Journal, about why it’s participating in Apple News+.
Finance and Investing
Every hedge fund – even the biggest firms run by celebrity investors – is most concerned about one thing: keeping its biggest investor happy.
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.
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 recently explored building bird-size drones loaded with data to help improve peoples’ internet connections.
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 trying to boost its high-priced subscription product as it fights off competitors.
Healthcare, Retail, Transportation
Clover Health is laying off 25% of its staff.
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.
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.
Business Insider Emails & Alerts
Site highlights each day to your inbox.