Akoya is currently Fidelity’s data-sharing arm but now will become its own company, owned by Fidelity, The Clearing House and...
I examine the unbelievable transformation and restructuring happening in high finance. Global bank HSBC is planning to lay off over 10% of staff, looking at reductions of 35,000. E*TRADE is being acquired by Morgan Stanley, integrating its 5,000,000 accounts and $360 billion of assets into the Wall Street investment firm. Legg Mason and its $800 billion of assets are being folded into Franklin Templeton for $4.5 billion, less than what Visa had paid for fintech data aggregator Plaid and half of what Robinhood is likely valued privately. How do we make sense of these developments? How do we appeal to the heart?
This week, we put on the Goldman hat and go shopping for companies. We buy a little bit of Folio and sell some Motif. We look at Personal Capital and the $1 billion it wants for its $12 billion of assets. We examine the private markets with Addepar / iCapital and SharesPost / Forge, and then move over to the banking sector. Should we buy Wells Fargo, as rumored, or some digital wallet apps? Read on for how to acquire a best-in-class Fintech.
Well this morning started out as a bit of a bummer! See -- Charles Schwab to buy TD Ameritrade in a $26 billion all-stock deal. The $55 billion market cap Schwab is gobbling up the $22 billion TD Ameritrade at a slight premium. Matt Levine of Bloomberg has a great, cynical take on the question: Schwab lowering its trading commissions to zero is actually what wiped out $4 billion off TD's marketcap a few months ago. For Schwab, the revenue loss from trading was 7% of total, while for TD it was over 20%. Once Schwab dropped prices, TD started trading at a discount and became an acquisition target. You can see the share price drops reflected below in the beginning of October.
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
Fidelity Investments said that it will allow its institutional customers to buy and sell Bitcoin “within a few weeks” according...
The wealth management industry has gone through a host of changes in recent years and now fractional share trading has...
Virtual reality-based services are beginning to have their moment with the pandemic continuing to wreak havoc across the globe; the...
In this conversation, we chat with Henry Yoshida – Co-Founder & Chief Executive Officer, Rocket Dollar. Prior to Rocket Dollar, Yoshida was the co-founder of Honest Dollar, a robo-advisor retirement platform that was acquired by Goldman Sachs, as well as a founder of MY Group LLC, a $2.5-billion assets under management investment firm. Henry shares his industry expertise as a speaker at several industry conferences, as well as having been featured or quoted in the Wall Street Journal, TechCrunch, Bloomberg Businessweek, and Financial Times. Henry has a passion for helping people be the best that they can be and contributes as a member in several financial and technology industry organizations. He graduated from The University of Texas at Austin and has an MBA from Cornell University.
More specifically, we touch on Henry’s career at BoA Merrill Lynch, his role at building a multi-billion dollar RIA business, how he started a digital retirement account platform called Honest Dollar which was sold to Goldman Sach’s neobank Marcus, the inception of Rocket Dollar, we talk IRAs and 401ks and how important these are for the current Gen-Z market, and so so much more!
Robinhood is currently experiencing a system-wide outage and follows news of other recent outages; Fidelity and Charles Schwab both had...