The Department of Justice filed its long-awaited antitrust case on Tuesday against Google for what it alleges are unfair advantages in search and online advertising.
At first glance, this has little to do with Wall Street, beyond those who have made investments made in the tech space.
However, it’s worth considering how this might impact the overall push by Big Tech to get deeper into banking. Whether it’s helping to facilitate payments or operating marketplaces, the past few years have seen tech companies increasingly add features and tools that make them look more like a financial companies.
But, with this latest case, it seems unlikely that anyone in Big Tech will make a considerable push into banking in the near term, lest they also catch the eye of regulators.
Tune in on Tuesday, October 27 at 12:00 pm ET for a virtual event sponsored by Salesforce, looking at how Professional Services firms are navigating and driving growth during the COVID-19 era. Register here.
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Big news of the day was a report, first out of SparkSpread, about Morgan Stanley parting ways with two of its most senior commodities executives.
Morgan Stanley’s Nancy King, its global head of commodities, and Jay Rubenstein, its head of commodities trading, have both left the bank over their use of WhatsApp.
Reed Alexander has the full rundown, along with some context around why messaging platforms have become such an issue for Wall Street.
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Everyone knows you need to keep you tech and software safe. But what happens if it’s already compromised before it’s delivered to you? I spoke to security experts from Goldman Sachs and Intel about the importance of supply-chain security. Read the whole story here.
Here’s a great piece from Reed Alexander on a veteran who’s giving back to help fellow vets transition to Wall Street. Victor Perez is a vice president in credit derivative trading at Wells Fargo that is a cofounder of the Charlotte chapter of the Veterans on Wall Street initiative. Read more about the program here.