Goldman Sachs

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Goldman Sachs

·Oct. 3, 2017

Goldman Sachs Considers Digital Currency Trading Operation

According to the WSJ, Goldman Sachs is considering a new trading operation dedicated to digital currencies; a spokeswoman for Goldman stated, “In response to client interest in digital currencies, we are exploring how best to serve them in this space.”; several banks have been exploring the use of blockchain technology; Jamie Dimon, chief executive of JP Morgan Chase recently spoke out against bitcoin calling it a fraud. Source

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Fintech News Roundup USA

·Sep. 14, 2017

Goldman Poaches Bond Street Employees after Company Stops Lending

deBanked reports that Bond Street has stopped making new loans; seven months ago Bond Street announced a $300 million loan purchase agreement with Jefferies; the WSJ outlines that engineers, product developers, and risk and marketing specialists will join Goldman’s consumer bank; Square is allegedly also in talks with some Bond Street employees. Source

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Finance News Roundup USA

·Sep. 14, 2017

Goldman Sachs Buying $300 mn Worth of Solar Loans from Mosaic

The deal will allow Mosaic to free up room on their own balance sheet and finance more loans; the company operates as a hybrid lender and completed a $139 million securitization in February; the move shows the willingness for a big bank to buy and own solar loans. Source

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Europe Fintech News Roundup

·Sep. 13, 2017

UK Consumer Lender Neyber Nets £100m from Goldman Sachs

Goldman Sachs is investing £100m ($132.6) in UK consumer lending platform Neyber; the financing will come in the form of debt and equity; the FT reports, “We are now in a place where we are confident in our model,” said Martin Ijaha, co-founder of Neyber. “The Goldman Sachs investment of £100m is really about expanding the amount we lend from the £70m we have done to date.” Source

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Asia/Pac Fintech News Roundup

·Aug. 10, 2017

Goldman Sachs Releases Rise of China Fintech Series Report

The report, "Payment: The Ecosystem Gateway" is the first one in Goldman Sachs' "The Rise of China FinTech" series; the report focuses on the emergence of new electronic payment methods, as payment is a crucial gateway to most other services, and this is where the innovators have gained the strongest footholds in China. Source (Chinese)

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Fintech News Roundup USA

·Sep. 28, 2017

Goldman Sachs’ Push into Consumer Banking

Goldman Sachs first entered the market with the acquisition of GE Bank and the subsequent launch of GS bank; Tearsheet explores their other moves in the market more recently in fintech; Goldman Sachs has invested in 23 fintech startups and is the only top ten bank that has hit every category in its investments: blockchain, data analytics, insurance, personal finance, wealth management, financial services software, lending, payments and settlement, real estate and regulatory technology. Source

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Fintech News Roundup USA

·Sep. 14, 2017

Betterment Offering Two Portfolio Options from Goldman Sachs and BlackRock

Through the partnership, the firm hopes to provide more personalization to their over 270,000 users; both portfolios were vetted by Betterment to ensure quality and affordability standards; Dan Egan, director of behavioral finance investments at Betterment stated, “We wanted to get these strategies out to our clients as quickly as possible, rather than build them out ourselves.” Source

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Fintech News Roundup USA

·Sep. 13, 2017

Goldman Sachs Looks to Lending for Growth

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

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News Roundup Online Lending USA

·Aug. 31, 2017

How Marcus is Altering the Online Lending Landscape

Marcus by Goldman Sachs was launched in 2016 and marked an important point in the consumer lending industry as they decided to build their own platform from scratch; Ainsley O'Connell from Fast Company interviews head of Marcus, Harit Talwar; Talwar shares what was attractive about getting into personal loans and details the Marcus product; stated that there were many consumer pain points and Goldman Sachs was confident they could help; Goldman also has several advantages to give them an edge; not only do they have their own balance sheet, but they essentially built a startup, leaning on 147 years of experience; they also had the advantage that there were no conflicts over any legacy consumer businesses within Goldman; the company worked closely with consumers to bring to market a product they want which Talwar discusses in the interview. Source

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Fintech News Roundup USA

·Aug. 4, 2017

Lend Academy Article: Goldman Sachs Is Going Big on Lending

Goldman Sachs has been offering more products to a wider range of consumers; this started with the acquisition of the online deposit platform of GE Capital; the firm is competing aggressively on their deposit rates to grow this base; in 2016 they launched Marcus, their online lending platform, and now have a new lending product called GS Select; product offers loans backed by investment portfolios for individuals that have a Fidelity financial adviser. Source

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