Goldman Sachs Unveils New Special Power

Goldman Sachs was an investment bank in the past. Then he said it was a technology company. Now the weather has changed: Goldman Sachs is a software company.

This is the view of Adam Selipsky, head of the AWS. They are not mutually exclusive, Selipsky said in an interview with CNBC: Goldman could be a bank and a software company at the same time. It only sells software to its general customers.

The infection has been going on for some time. Goldman began creating APIs for customers to plug in in 2017, and the developer site has been providing direct access to the customer pricing and analytics platform for several years. However, now things seem to have moved several steps forward. – At the AWS Re: Invent conference in Las Vegas yesterday, Goldman and AWS unveiled a new partnership with Amazon Web Services, the spicy name for data, ‘GS Financial Cloud’.

You can read more about GSFCDAWS here. Basically, this means that hedge funds and asset managers have access to Goldman’s data and tools to help them make trading decisions. Quant trading companies will be able to focus on business instead of searching and recording data. This means they have to spend less to stack their own technology. All of this will be outsourced to Goldman Sachs and AWS, who will share the revenue.

“All you have to do is create the interface and integrate it with your application and then everything else is taken care of by you,” said Marco Argenti, Goldman’s co-chief information officer who joined AWS in 2019.

This sounds like a great idea, with caution that many Quant Funds see the rapid discovery, purification and exploitation of new and relevant data as a key element of success, emphasizing the new. – If all funds use the same Goldman data and tools, their alpha source is at risk of being destroyed (or outsourced to Goldman). In this world it will be less about data and how developers use data to create trading signals.

Goldman has probably thought about this and doesn’t think so. “The company’s customers will have access to our decades of experience and data collection that enables them to improve their business decisions in terms of speed and efficiency,” CEO David Solomon told CNBC. There has been a call for data standardization in the financial services industry – GSFCDAWS. If it does fall, the hedge fund will probably not be so desperate for Python coders.

Separately, Morgan Stanley said it had canceled subsidized meals while working from home in London last week, but food was still flowing into the United States. Business Insider reports that the bank is still offering a 35 credit for U.S. employees who work nights and weekends, as well as a $ 75 credit for Ubers in the office. It is unknown at this time what he will do after leaving the post. “Everyone is complaining,” said Morgan Stanley London, a junior “- The policy has suddenly changed and we can no longer pay for food from home.” They may want to try it again.

In the meantime.

UBS has appointed JP Morgan’s Sarah Youngwood as its CFO. He was CFO of JPMorgan Chase’s Consumer and Community Bank and formerly a FIG banker and head of investor relations. (Reuters)

Sam Woods, chief executive of the BoE’s Prudential Regulation Authority, said Britain was not involved with the European Union in its “title to liking” attempts to restrict UK bank employees from traveling to Europe or entering the London market. “There are more position-based approaches to life in the European Union and they are applying that approach and it is causing some tension. This is a natural consequence of Brexit and we need to navigate it intelligently. (Financial times)

People with ESG skills are offered 25 new jobs a day in London. (Financial News)

Accenture will add 3,000 jobs in the UK over the next three years. It will focus on cloud engineering, cyber security and data consulting. (Financial News)

David Solomon says New York should work for its dignity as a major financial center. “New York needs to be aware that there are good options, and it needs to make sure that it keeps itself very attractive. At the end of the day, incentives are important, taxes are important, the cost of living. (Financial time)

David Marcus, 48, who tried to launch a digital currency in Meta (Facebook), is leaving after seven years. “I can’t wait to see it from the outside. I know that greatness lies ahead. ” (Financial times)

Tina Lee, head of Deutsche Bank UK, said she wanted to make sure hybrid work was not gender biased. “Everybody thinks, ‘Oh my God, the hybrid works great.’ “But then we look at the data and we really see that all women have hybrid jobs or men don’t do hybrid jobs and then we get three years from now.

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