Hello!
First Goldman Sachs wanted to be the Google of Wall Street. Now it's exploring a service that's more like Netflix.
As Dakin Campbell reported this week, a recent Goldman Sachs job ad for an entry-level salesperson hints at a world in which investors pay monthly subscription fees to Wall Street banks. As Dakin reports:
Subscriptions offer the promise of a new revenue model for Wall Street trading operations hobbled by new rules, dampened volatility, and a challenged customer base.
It means taking a page from Silicon Valley, where tech behemoths make piles of money from their troves of data.
Dakin's story serves as another example of Wall Street taking inspiration from Silicon Valley. JPMorgan chief executive Jamie Dimon has mentioned Amazon Prime as a model for its banking efforts, for example.
With that in mind, here's some of our best coverage from the past week on where Wall Street and Silicon Valley meet:
What would you like this email to include? What have we missed? You can reach me at mturner@businessinsider.com.
-- Matt
Quote of the week
"This will be the biggest thing in our generation. This is going to be able to do amazing things in the future."
Todd Holmdahl, corporate vice president of Microsoft Quantum, on the power of quantum computing.
In conversation
- Dan DeFrancesco talked to Terry Duffy, the chairman and CEO of the Chicago-based CME Group, about Main Street taking more control over its portfolio from Wall Street.
- Marley Jay talked to Quincy Krosby, the chief market strategist at $1.4 trillion Prudential Financial, about how investors should play the market as economic data continues to confuse.
- Rosalie Chan spoke to Front CEO and cofounder Mathilde Collin about about why it's so important that the startup's executive leadership team is 50% women.
- Matt Weinberger talked to Evan Goldberg, founder and executive VP of NetSuite, about life three years after the company was acquired by Oracle for $9.3 billion.
- Lisa Eadicicco talked to Bonita Stewart, Google's vice president of global partnerships, about the advice she'd give her 25-year old self.
- Tanya Dua talked to Anatoly Roytman, the managing director and Europe, Africa, and Latin America lead at Accenture Interactive, about the consulting firm's strategy to disrupt advertising.
- Lucia Moses talked to Will Lewis, publisher of The Wall Street Journal, about why it's participating in Apple News+.
Finance and Investing
Forget the yield curve. Morgan Stanley says investors should be focused on a superior recession signal - one that's threatening to flash by year-end.
Unless you've been living under a rock for the past several days, you've probably been swept up in yield-curve mania.
Tech, Media, Telecoms
Healthcare, Retail, Transportation
Health-insurance startup Clover Health just laid off 25% of its staff months after raising $500 million
Clover Health is laying off 25% of its staff.
Billions of dollars are pouring into gene-therapy startups. Top execs at 3 companies described the biggest challenge the new field faces.
A decades-old scientific technology that targets disease at its genetic root has come of age. New startups are pouring into the space - and becoming major acquisition targets.
Careem's CEO ribbed Uber for making a rookie error in the Middle East. Now Uber's paying $3.1 billion to buy it.
Just weeks ahead of its highly anticipated initial public offering, Uber announced a $3.1 billion deal to acquire one of its largest rivals in the Middle East, Careem.
Get the latest Goldman Sachs stock price here.