The Financial Brand looks into the new data gleaned from the recent...
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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Goldman Sachs is hoping to compete more with other banks such as...
In an interview with a French newspaper Goldman Sachs CEO David Solomon...
Goldman Sachs appears to be planning for a robo advisory service offering; the firm is advertising a job posting for a GSAM Technology digital experience developer that would build an automated robo advisory platform complementing the firm's asset management business; the bank's private wealth management business focuses on client's with approximately $50 million in investable assets; it has been broadening its client demographic recently by including business and retail products for investors with $1 million or less; a robo advisory service would add to other recent product expansions including the acquisition of GE Capital's online bank, Marcus and Honest Dollar. Source
Goldman Sachs held their investor day yesterday, opening up about their future...
Goldman Sachs is currently in discussions to buy personal financial management app Clarity Money according to reporting by American Banker; they plan to roll the company in their Marcus brand; this is the latest move by the wall street titan to build out their consumer focus; Clarity Money uses AI to help consumers make better financial decisions by lowering bills, finding better credit cards and creating a savings account. Source.
Steve Strongin believes most digital currencies are unlikely to survive in their current form and that investors should be prepared for coins to lose all of their value; Strongin states that they are likely to be replaced by a small set of future competitors; he cites the high correlation of cryptocurrencies, the lack of intrinsic value and speed as reasons for concern; Strongin still is optimistic on blockchain technology. Source
Goldman Sachs has launched an in house incubator that will allow employees to work on innovative ideas; GS Accelerate is currently accepting applications to move Goldman into new business areas, manage risk and try to fix inefficiencies; the move is part of a wider strategy for Goldman who now shows 46 percent of staff being in technology; “When it comes to entrepreneurship, there are always more failures than successes,” a memo reported by TearSheet stated. “But if we’re creative, imaginative and learn from what did and didn’t work, GS Accelerate can become a powerful engine to bring important ideas to life.” Source.
Marcus is different than many fintechs who started off by offering an...
CNBC is reporting that Goldman Sachs has quietly launched a new point...