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☆ Stash just revamped its tech and announced new partnerships with Mastercard and Marqeta as the fintech looks to stand out in a crowded field
▼ + stars: | 2022-09-21 | by ( Carter Johnson | ) www.businessinsider.com time to read: +5 min

Stash announced Wednesday the launch of a new core banking system and a refreshed debit card. CEO Brandon Krieg told Insider 'Stash Core' will make it easier to develop new products. The startup inked new partnerships with Mastercard, Stride Bank, Marqeta, and other fintech names. For Stash, a fintech built on both deposit banking and investing rails, that has led to an overhaul of the fintech's financial infrastructure and a host of new partnerships. On Wednesday, Stash announced the launch of Stash Core, a new banking system that Brandon Krieg, Stash's cofounder and CEO, said amounts to a rebuild of the startup's back-end tech stack.

Investors nominated startups both inside and outside of their own portfolios. Check out the 61 startups identified as the most promising fintechs. Startups that were nominated included a mix of investors' portfolio companies and ones they have no financial interest in. In total, 61 startups that haven't raised beyond a Series B round were identified. Many investors noted B2B startups are one of the biggest bright spots in the sector as businesses and financial institutions continue to streamline their processes and cut costs where they can.

☆ Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.
▼ + stars: | 2022-09-20 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

In January last year, the retailer said it was pursuing a partnership with venture-capital firm Ribbit Capital, which backed Robinhood. The next month, Walmart lured Omer Ismail and David Stark, two executives from Goldman Sachs' Marcus, over to work on a fintech initiative. Insider's Ann Gehan, Carter Johnson, and Ben Tobin have identified the key people shaping this effort at its fintech called ONE. Done deals :Acrisure, a fintech company that operates an insurance broker and real-estate services company, has acquired B2Z Insurance. Aditxt, a biotech company developing tech around monitoring the immune system, raised $20 million after selling 3.33 million shares on Nasdaq.

Insider asked more than 40 top fintech investors to nominate the most promising fintechs. Here are the 61 most promising fintechs. Insider surveyed 43 investors — including those from Bain Capital Ventures, Lightspeed Venture Partners, and QED Investors — about the most promising fintechs to watch. Global fintech funding dropped to $20.4 billion in the second quarter, falling 46% from last year, according to data from CB Insights. Check out the 61 fintechs identified as most promising by top investors.

Leadership has come to ONE from firms like Goldman Sachs, Apple, and Lyft. Meet the 13 key leaders manning the helm of ONE, from C-suiters to product-and-engineering talent. Legacy banks are also increasingly responding to the threat from fintech startups with varying levels of success. From JPMorgan Chase and Bank of America to Marcus, top financial firms have revamped digital offerings throughout the pandemic and emphasized tech-forward approaches. The departures of key executives leading these changes, then, can have consequences for incumbent players.

☆ JPMorgan is trying to harness the power of quantum-computing to solve problems at lightning speed, from options pricing to fraud detection
▼ + stars: | 2022-09-08 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +5 min

As an emerging alternative to the traditional computer, JPMorgan execs believe quantum computing could upend how finance firms perform computations. Unlike classical computers, which can store only a one or a zero, quantum computers use quantum bits, or qubits. Qubits can store multiple values at the same time, which theoretically gives the quantum computers big speed advantages. Meanwhile, Fidelity has been exploring the potential of quantum computing in wealth management. Wells Fargo, too, has invested in quantum computing to process complex data structures used for fraud detection.

☆ I went from designing Xbox video games at a Microsoft-backed studio to a software job at Citadel Securities. I was surprised at how many of my skills transferred over.
▼ + stars: | 2022-08-24 | by ( Carter Johnson | Bianca Chan | ) www.businessinsider.com time to read: +5 min

William Archbell works in engineering at the market maker Citadel Securities. Archbell had previously designed video games for a Microsoft-backed gaming studio. I joined the market maker Citadel Securities as a senior software engineer last September, and moved from Santa Monica, California, to Chicago, Illinois. It's similar to Citadel Securities, where we take market data, we do research, and we run experiments to build tech that meets users' needs. But the difference is that at Citadel Securities, the key performance indicators are profit and loss.

☆ These 14 execs are leading the cloud revolution at top Wall Street firms like JPMorgan, Point72, and Citadel
▼ + stars: | 2022-06-06 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +2 min

Here are 14 power players on Wall Street leading the industry's push into the cloud. Finance hasn't always been open to public-cloud technology, largely due to security and regulatory concerns. The cloud is currently taking Wall Street by storm, and a new class of power players is emerging with it. The cloud now touches every nook and cranny on Wall Street from investment banking to risk management and marketing. Here are the 14 power-player executives leading cloud strategy, vision, and execution for the country's largest financial firms.

Persons: Finance hasn't, Saul Van Beurden, workloads Organizations: Wall, Finance, Web Services, Google, IBM, Microsoft, Wells Fargo Securities, Wells Locations: Wells, Wells Fargo

Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. The chart focuses on key executives as well as the people who support them. In the chart, those leaders that sit on JPMorgan's Operating Committee are denoted as Senior executives. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO. See the chart here:Have we missed anyone, or do you know more about how the power is shared at JPMorgan?

☆ Citigroup CFO Mark Mason breaks down the bank's approach to data and technology projects
▼ + stars: | 2021-12-03 | by ( Carter Johnson | ) www.businessinsider.com time to read: +4 min

Citigroup, one of Wall Street's largest banks, is prioritizing consumer-banking technology. CFO Mark Mason told Insider about how Citi is using data to inform new tech opportunities. When Insider spoke with Mason, his team, like others across the bank, was in the middle of reviewing its annual budget. This year, Mason said, he and Fraser discussed how Citi's chief data officer for finance interacts with other data heads across the firm, including those in Citi's institutional and consumer businesses. Data on Citi's retail customers — for example, the bank counts more than 130 million credit-card customers across branded and cobranded offerings — is also important.

☆ Dozens of Goldman Sachs partners have departed the bank since David Solomon became CEO. See the running list here.
▼ + stars: | 2020-02-27 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years after succeeding Lloyd Blankfein. There's been a lot of talk about morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

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