Hedge funds are scrambling to find data on Robinhood
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Dan DeFrancesco
Aug 13, 2020, 17:27 IST
REUTERS/Mario Anzuoni
The weekend is almost here, folks.
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As part of its ongoing transformation into your friendly neighborhood bank, Goldman Sachs is reportedly interested in buying General Motors' credit-card business, according to The Wall Street Journal.
Goldman's push to be more consumer-friendly — highlighted by its work on the Apple Card and the launch of digital-only consumer bank Marcus — has been well documented in recent years.
The latest reported attempt to land in Main Street's wallet is interesting, though. With a reported $3 billion in outstanding balances, GM's credit-card business is by no means a giant amongst co-branded cards. However, it's also not tiny.
Whether Goldman is able to close the deal, and how it looks to incorporate the new business, will be interesting to watch.
Well, turns out that's quite a big deal for some people. As reported by Dakin Campbell, with an assist from yours truly, Point72 Asset Management, the $16 billion hedge fund led by Steve Cohen, was among some financial firms scrambling to find a replacement for said data.
Getting a chuckle out of Robinhood users piling into bankruptcy stocks like Hertz and JCPenney is all fun and games. But the fact one of the world's biggest hedge funds wants Robinhood's data, and is frantically searching for a replacement, shows there is real money on the line.
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Goldman Sachs is reportedly looking to acquire General Motors' credit-card business away from Capital One as it looks to rev up its consumer-banking unit