Goldman Sachs to lead IPO for car insurtech startup Root worth up to $6B: Reuters

September 21, 2020.
Goldman Sachs has been hired by auto insurtech Root to lead the startup’s preparations for an initial public offering with a target of raising $5 billion to $6 billion, Reuters reported Monday.

Wall Street-backed stock exchange MEMX kicks off trading

September 21, 2020.
Members Exchange, a new stock exchange backed by a slew of banks and other financial firms, commenced trading activity on Monday with seven listed securities, including for prominent companies such as Google’s parent Alphabet, ExxonMobil and Ford.

Chinese securities brokerages merge as global players look to enter market

September 21, 2020.
Chinese brokerage Guolian Securities is set to acquire bigger securities peer Sinolink Securities, a move that may kickstart the consolidation of brokerages in China, as foreign players increasingly enter the nation's financial sector, leading to more competition.

Goldman Sachs completes purchase of fintech Folio in bid to launch digital platform

September 21, 2020.
Goldman Sachs acquired boutique wealth-management technology firm Folio Financial, laying the groundwork for the U.S. investment bank’s launch of a digital wealth management platform next year.

Goldman Sachs reshuffles global M&A division leadership as deal activity slows

September 21, 2020.
Goldman Sachs, one of the leading advisors of corporate deals, has named two new heads of its global mergers and acquisitions unit as the investment bank navigates a quieter period for transactions amid COVID-19.

Morgan Stanley commits to net-zero financing by 2050, a first for major U.S. banks

September 21, 2020.
Morgan Stanley, whose July promise to disclose the climate impact of its lending portfolio proved a bellwether for some larger peers, on Monday also became the first major U.S. bank to commit to erasing that impact by 2050.

Goldman is latest bank to send traders home after COVID-19 exposure: Bloomberg

Last modified September 18, 2020. Published September 18, 2020.
Goldman Sachs became the second bank to send workers home from its Manhattan headquarters after at least one employee tested positive for COVID-19, according to a Bloomberg report.

Fintech Affirm raises $500M in funding round led by Singaporean wealth fund

September 17, 2020.
Point-of-sale loan fintech Affirm raised $500 million in a Series G funding round led by Singaporean sovereign wealth fund GIC, a longtime backer, and Durable Capital Partners, the firm said Thursday.

Apollo SPAC with growth focus seeks $750M from IPO

September 17, 2020.
A special-purpose acquisition company backed by private equity firm Apollo Global Management disclosed in a filing Wednesday that it is seeking to raise $750 million through its initial public offering, a move amid a significant jump this year in activity for such investment vehicles.

Systemically important banks stand best chance of weathering pandemic: Moody’s

Last modified September 17, 2020. Published September 17, 2020.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

US seeks another $300M in assets linked to 1MDB

September 17, 2020.
The U.S. Department of Justice laid claim to a second set of assets in as many weeks allegedly tied to the 1Malaysia Development Berhad bribery and money laundering scandal, this time worth more than $300 million.

U.S. Deutsche Bank employees not required to return to office until July 2021

September 16, 2020.
Deutsche Bank will not require its U.S.-based employees to return to its New York office until next July, definitively signaling that the German bank is joining others in preparing for a long stretch of remote work.

Truist debuts venture capital division by leading funding round for fintech Veem

September 16, 2020.
Truist Financial launched its corporate venture capital division on Wednesday, which debuted alongside a new deal with global payments fintech Veem to help power new partnerships and investments for its corporate clientele.

Goldman Sachs appoints first female leader for investment banking services

September 16, 2020.
Kim Posnett will co-lead Goldman Sachs’ global investment banking services unit, the bank revealed in an internal memo, making the veteran of the New York institution the first woman to hold the role.

Apollo names leadership of impact investing platform as it embraces ESG trend

September 15, 2020.
Alternative investment manager Apollo named the leadership team of its new impact investing platform on Tuesday, becoming the latest private equity firm to pledge to focus on environmental, social and governance goals.

Miami International Holdings to launch UBS-backed equity exchange this month

September 14, 2020.
Miami International Holdings will debut its first cash equities exchange later this month in an increasingly crowded field, with trading firms including UBS, Citadel Securities and Hudson River Trading as investors.

BNY Mellon consolidates leadership for 4 businesses under ex-Goldman executive

September 14, 2020.
The Bank of New York Mellon has named a former member of Goldman Sachs’s management committee as the new head of its global market infrastructure division, consolidating four of its businesses under a single leader.

Lenders should prevent AI-based race, sex discrimination: Bank Policy Institute

September 14, 2020.
A leading U.S. financial services lobbying group on Monday warned of the potential for discrimination when using artificial intelligence technology in credit underwriting and outlined steps banks and other lenders can take to prevent bias.

JPMorgan launches new team dedicated to brokering unicorn shares

September 11, 2020.
JPMorgan Chase is looking to chase unicorns, $1 billion startups that have yet to issue stocks publicly, with the creation of a new team dedicated to brokering shares in firms such as SpaceX, Robinhood and Airbnb.

Goldman Sachs to merge two energy-focused MLP funds

September 11, 2020.
The asset management arm of Goldman Sachs said Thursday that as the energy sector flounders amid the COVID-19 pandemic, shareholders have voted to combine two nondiversified, closed-end master limited partnership funds managed by its energy and infrastructure team.