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by fnordpiglet
1087 days ago
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Goldman considers its brand a key asset. “””Our assets are our people, capital and reputation. If any of these is ever diminished, the last is the most difficult to restore. “”” https://www.goldmansachs.com/our_firm/investor_relations/fin... It’s the truth. The retail bank was a mess. It’s a stepping stone for Solomon to disrupt the trading culture and take control of the bank from the investment bank. It costs a lot to set up a retail bank, and the political will was there to start but not to finish. The politics around the retail bank was hyper toxic, with a classic us and them mentality. The established tech and back office were marginalized and the retail bank tried to build it all themselves but learned the hard way very late those groups exist for a reason - regulatory and security bars are super high and can’t be achieved by hubris alone. Apple had extremely aggressive asks of the technical stack, they outsourced a lot of core stuff to SaaS finserv at a high margin, and a bunch of other issues. Finally the timing of it all was awful. They started in a super low rates cash flush world and things have gotten harder everywhere for them. Source: I was there |
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