Two things are on my mind: (1) the acquisition of United Capital by Goldman Sachs, and (2) Mike Cagney's Figure securing a $1 billion funding line from Jefferies and WSFS for blockchain-tracked home equity loans. Both are outcomes of complex, interesting, somewhat unexpected processes -- and both are examples of demand-driven market expansion. Let me highlight that again. Both of these are consumer-centric developments, and not product-driven developments, which goes to the core of the problem in the financial services industry.
Lenders and credit reporting firms are still working through how to handle the current state of the US consumer; lenders...
Goldman Sachs is hoping to compete more with other banks such as JPMorgan and Citigroup in helping corporations manage and...
There was an interesting article in Bloomberg yesterday on Marcus. Bloomberg cites sources claiming that Marcus will be scaling back...
People who applied for the Apple Card and have been declined will be able to enroll in a new program...
We’ve seen Goldman Sachs enter a variety of consumer banking verticals over the last few years; now the bank has hired a senior JPMorgan Chase engineer to build cash management tools, deposit accounts as well as other products for big companies; commercial banking could bring even more deposits into the business and also help boost revenue; they will compete with other big names such as JPMorgan, Citi, Bank of America and Wells Fargo. Source
Even though it does have a lending operation Amazon did not take part in the Paycheck Protection Program directly; but...
Goldman Sachs has decided to begin a trading operation to trade bitcoin, becoming the first major bank to do so;...
This week saw Genesis filing for bankruptcy, more problems at Goldman Sachs, a profile of the fintech founder who fooled JPMorgan, FTX may restart and, of course, more layoffs.
Goldman Sachs said that their loan business would contribute almost half of the $5 billion in revenue growth it is projecting by 2020; the company will put $28 billion towards loans in the next three years in order to grow that part of the business; Revenue growth has remained flat since the financial crisis and trading revenues remain stagnant. Source