Inside Goldman's media strategy

Hiya!

If you're even the least bit tech savvy, there is a good chance you've sent money to someone via one of the many apps that exist these days. If so, you might have paid the wrong person. Maybe you misspelled their username — it's Lindsay with an "a" not an "e" — or maybe you got your wires crossed. Either way, it's not a great feeling.

Now imagine you are a bank. And imagine that rogue payment was actually $900 million.

That's the reality for Citigroup. As first reported by Bloomberg, the bank is in the midst of trying to claw back $900 million it mistakenly wired, but the recipients aren't as keen to hand over the cash.

The story in and of itself is interesting enough, but even moreso when considering the knock-on effect this will have on the market for transactional banking, a space dominated by Citi, JPMorgan, and HSBC.

One particularly eager new participant waiting in the wings? Goldman Sachs.

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Wall Street's media makeover

If you can't beat them, join them.

Over a decade removed from a financial crisis that cast them as villains, financial firms are taking a proactive approach to their image, media coverage, and how they communicate with the public.

Dakin Campbell and Rebecca Ungarino have all the details on how Wall Street is ramping up its home-grown internal media units.

Goldman Sachs, in particular, has been ambitious with its plans, which include an interview show, a podcast, and a newsletter edited by a former Wall Street Journal reporter (it's competitive out here!).

We've already covered Goldman's efforts to become your friendly neighborhood bank, and this strategy definitely falls in line with that. Click here to read the full story.

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Here's some more pay data for you. This time Alex Nicoll and Meghan Morris break down how much investment bankers make at boutique firms like Moelis, Lazard, and Evercore. You can find the full story here.

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Commercial real-estate is a bit of a mess these days. Alex Nicoll spoke to an expert about how landlords can handle the influx of requests for rent relief they are receiving these days.

Odd lots:

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High-Frequency Traders Really Love Doing Business With Robinhood (Bloomberg)

Sixth Street Partners Amasses One of the Largest Private-Capital Funds (WSJ)

How an AI-powered legal-tech startup that makes reading contracts easier is being used to help deliver police reform (BI)