Netflix of Wall Street - Facebook's secret drone project - Uber's rookie error

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Netflix of Wall Street - Facebook's secret drone project - Uber's rookie error

Hello!

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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.

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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."

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Todd Holmdahl, corporate vice president of Microsoft Quantum, on the power of quantum computing.

In conversation

Finance and Investing

Inside D.E. Shaw's special relationship with Blackstone, which shines a light on the power the hedge fund industry's largest investors have

Every hedge fund - even the biggest firms run by celebrity investors - is most concerned about one thing: keeping its biggest investor happy.

Barclays held an ad hoc town-hall meeting to calm staff shocked by the sudden departure of their boss - but a key exec was conspicuously absent

Barclays' shock management overhaul and the departure of Tim Throsby, its investment-banking chief, were such a bombshell to staff that management called a last-minute ad hoc town-hall meeting to soothe nerves of staffers in one of its most important units.

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

Facebook secretly explored building bird-size drones to ferry data to people with bad internet connections

Facebook recently explored building bird-size drones loaded with data to help improve peoples' internet connections.

Microsoft says 'no one's even close to what we're offering' in a cloud market that Amazon and Google are only just starting to enter

Microsoft just launched two new services that can keep it in the lead for hybrid cloud - something that Amazon and Google are just starting to roll out.

Politico is pumping $10 million into its subscription product as new tech startups muscle into the pricey DC market

Politico is trying to boost its high-priced subscription product as it fights off competitors.

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.

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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.

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