[erikb]

The enterprisiest announcement I've read in a long time. And I work at a big corp. Wouldn't be surprised if many people who read this actually don't even understand that it basically says "hi guys, we got bought."

It's also hard to figure out what WePay has actually been doing. Great enterprise speak again.

So, that's what the banking world looks like? Even more enterprisy than the Enterprise despite being a start-up?

[gk1]

I thought it was fairly clear. Chase wants to get into the fintech space so they acquired WePay.

[erikb]

Yeah but it is written indirectly, and the only reason why it's clear to you is because you are probably trained (willingly or not) to interpret such announcements.

Between my quote "hi guys, we've been bought" and this statement, you can see the difference, right? One is very clear to the point, the other talks about lot of things but actually doesn't literally spell it out once.

[roymurdock]

Is there a a good definition for companies in the "fintech" space? Is it anyone building a product that lets consumers/enterprises receive and send payments over mobile/desktop/internet rather than physically going into a branch?

Curious as it seems to me (uninformed) that basically all banks already have fintech offerings and are built around networking and payments technology at their core.

[toastking]

I think fintech (like "edtech") is a little bit nebulous. I would say anything involving handling money is fintech. So stuff like Venmo or Robinhood. I would even go so far as to say certain data science companies are fintech in that their offerings cater to financial institutions.

[quuquuquu]

>so that's what banking looks like?

Unfortunately I'd say yes. Consider that Goldman Sachs has 38,000 employees and the average compensation is 350k-400k per year, per their recent quarterly filing.

It is an elite world based on signaling and deep relationships, because there is a lot of money at stake.

[pc86]

I'd be interested in seeing the median salary, I imagine that's quite a bit lower.

[quuquuquu]

I completely agree, I bet you have 100 people making 10m+ per year, and 20,000 staff and interns at the back office in New Jersey making 45,000 maximum, hired from SUNY schools.

What do you think of my estimation?

[brianwawok]

You can find salary info for gs grads right out of college.

Hint: its a lot more than 45k

[pc86]

For IB, sure. But are most GS employees traders? It looks like most of the support staff is in the $20-30k range[0], which includes help desk and the like. Even certain analyst positions seem to be in the $45-50k range. On page ten of ascending salaries I've just barely passed $60k.

My point is that while the "average" compensation may be $400k, that's going to account for a very small percentage of the employees. The median is probably well below $100k, dependent largely on just how many support staff there are compared to traders. And even the traders who only last a year or two before getting fired will probably only make $100-150k.

[0] https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E280...

[quuquuquu]

Thank you for your thoughtful, reasoned reply, and the effort you put into confirming what I have said anecdotally.

It is often a thankless job and I appreciate that you've provided these numbers. It really shows the income disparity between the top dogs and the unwashed masses and Goldman.

[csomar]

Care to share the source/link for such info.

[quuquuquu]

pc86 is exactly correct and I'm glad that person tore apart your argument for me.

How dare you tell me "hint, blah blah blah" when your source literally confirms what I have stated.

The young and inexperienced workers are just there for data entry and errands for the SMALL percentage of workers who are high powered investment bankers.

[whipoodle]

Yes? People are not generally interested in financial institutions saying “bae is lit AF” or whatever.

[erikb]

What are you trying to say?