Hedge funds are scrambling to find data on Robinhood
The weekend is almost here, folks.
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. Advertisement
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.This is also the final call for submissions for our 2020 Rising Stars of Wall Street. If you haven't already, drop your nominations here.
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Just the other day I touched on Robinhood reporting DARTs data for the first time. A small footnote of the news, which was first reported by Bloomberg, touched on how Robinhood would no longer share trading data with third parties.
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.The story illustrates the significance, if not already clear, that Robinhood holds on Wall Street.Advertisement
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.
If only you could create a data feed of r/WallStreetBets...
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