Is it Really Getting Harder to Tell Banks From Tech Companies?

“You know, someone invented the XIV ETN. And someone invented the VIX, and VIX futures. And when you read the technical specifications for all of those things, it is clear that they are not trivial feats of engineering. Teams of marketers and traders and quants and technologists and lawyers put many hours into getting them just right, so that they would work as intended. They are technologies, highly engineered tools designed to help customers do things that they couldn’t have done before. They are financial technologies, built not out of screens and circuit boards but out of formulas and hedging strategies and legal documents, but that is what you’d expect: Financial firms ought to innovate in financial technology.

Yesterday Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein presented at the Credit Suisse Financial Services Conference, and his presentation is kind of a weird read. The running theme is that Goldman is doing technology stuff to win business. “Engineering underpins our growth initiatives,” says a summary page, and it doesn’t mean financial engineering. In fixed income, currencies and commodities, engineers are 25 percent of headcount, and the presentation touts growth in Marquee (its client-facing software platform) and “systematic market making.” In equities, Goldman touts its quant relationships. In consumer banking (now a thing!), the centerpiece is Marcus, Goldman’s online savings and lending platform. And in investment banking, “Engineering enhances client engagement through apps, machine learning and big data analytics.” Apps! I hope there is an Uber-for-mergers app: You put in your location and the enterprise value of your deal, and it tells you that a Goldman Sachs banker will be at your office within 7 minutes. Of course the dream is that one day she won’t even need to show up, and the app will do the whole merger for you.”

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It’s Getting Harder to Tell Banks From Tech Companies

This post originally appeared in Money Stuff.

You know, someone invented the XIV ETN. And someone invented the VIX, and VIX futures. And when you read the technical specifications for all of those things, it is clear that they are not trivial feats of engineering. Teams of marketers and traders and quants and technologists and lawyers put many hours into getting them just right, so that they would work as intended. They are technologies, highly engineered tools designed to help customers do things that they couldn’t have done before. They are financial technologies, built not out of screens and circuit boards but out of formulas and hedging strategies and legal documents, but that is what you’d expect: Financial firms ought to innovate in financial technology.

Yesterday Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein presented at the Credit Suisse Financial Services Conference, and his presentation is kind of a weird read. The running theme is that Goldman is doing technology stuff to win business. “Engineering underpins our growth initiatives,” says a summary page, and it doesn’t mean financial engineering. In fixed income, currencies and commodities, engineers are 25 percent of headcount, and the presentation touts growth in Marquee (its client-facing software platform) and “systematic market making.” In equities, Goldman touts its quant relationships. In consumer banking (now a thing!), the centerpiece is Marcus, Goldman’s online savings and lending platform. And in investment banking, “Engineering enhances client engagement through apps, machine learning and big data analytics.” Apps! I hope there is an Uber-for-mergers app: You put in your location and the enterprise value of your deal, and it tells you that a Goldman Sachs banker will be at your office within 7 minutes. Of course the dream is that one day she won’t even need to show up, and the app will do the whole merger for you.

Angelo Gordon & Company LP Lowered At&T (Put) (T) Stake; 8X8 (EGHT) Sentiment Is 1.06

February 3, 2018 – By Moses P. Lee

8×8, Inc. provides cloud-based, enterprise-class software solutions for small and medium businesses, mid-market, and distributed enterprises worldwide. The company has market cap of $1.61 billion. The firm operates in two divisions, Americas and Europe. It currently has negative earnings. The companyÂ’s pure-cloud offering combines voice, conferencing, messaging, and video with integrated workflows and big data analytics on a single platform.

Angelo Gordon & Company Lp decreased At&T Inc (Put) (T) stake by 57.84% reported in 2017Q3 SEC filing. Angelo Gordon & Company Lp sold 456,900 shares as At&T Inc (Put) (T)’s stock declined 7.81%. The Angelo Gordon & Company Lp holds 333,100 shares with $13.05 million value, down from 790,000 last quarter. At&T Inc (Put) now has $233.71B valuation. The stock decreased 2.78% or $1.09 during the last trading session, reaching $38.07. About 46.10 million shares traded or 36.45% up from the average. AT&T Inc. (NYSE:T) has declined 0.52% since February 3, 2017 and is downtrending. It has underperformed by 17.22% the S&P500.

Among 30 analysts covering AT&T Inc. (NYSE:T), 10 have Buy rating, 1 Sell and 19 Hold. Therefore 33% are positive. AT&T Inc. had 73 analyst reports since July 27, 2015 according to SRatingsIntel. The stock has “Outperform” rating by Robert W. Baird on Wednesday, October 25. SunTrust maintained the shares of T in report on Thursday, February 1 with “Hold” rating. Citigroup maintained AT&T Inc. (NYSE:T) on Tuesday, July 19 with “Buy” rating. The rating was initiated by DA Davidson on Thursday, February 4 with “Buy”. The firm earned “Neutral” rating on Monday, July 27 by Goldman Sachs. The firm earned “Hold” rating on Thursday, February 1 by Cowen & Co. RBC Capital Markets maintained the shares of T in report on Friday, July 7 with “Hold” rating. On Friday, July 15 the stock rating was maintained by Barclays Capital with “Overweight”. RBC Capital Markets maintained the stock with “Hold” rating in Wednesday, July 26 report. Independent Research upgraded the stock to “Hold” rating in Tuesday, October 25 report.

Angelo Gordon & Company Lp increased Mercadolibre Inc (Prn) stake by 7.50M shares to 20.53M valued at $42.87M in 2017Q3. It also upped Starwood Ppty Tr Inc (Prn) stake by 15.00 million shares and now owns 33.73 million shares. Illumina Inc (NASDAQ:ILMN) was raised too.

Investors sentiment increased to 1.17 in 2017 Q3. Its up 0.02, from 1.15 in 2017Q2. It increased, as 77 investors sold T shares while 609 reduced holdings. 106 funds opened positions while 696 raised stakes. 3.34 billion shares or 1.04% more from 3.31 billion shares in 2017Q2 were reported. 17,061 were accumulated by Garrison Fincl. Spectrum Management Gp reported 21,913 shares. S&T Bank Pa reported 11,333 shares. Advisor Partners Lc invested in 0.8% or 104,626 shares. Moreover, Aristotle Capital Limited Com has 0% invested in AT&T Inc. (NYSE:T). Wisconsin-based Mason Street Lc has invested 0.82% in AT&T Inc. (NYSE:T). Whalerock Point Partners Llc reported 59,389 shares. Valicenti Advisory Service Incorporated accumulated 112,764 shares. Fiera Capital Corp holds 85,704 shares. Automobile Association has invested 0.5% in AT&T Inc. (NYSE:T). Hexavest owns 6.89M shares. 5,817 were accumulated by Swift Run Cap Mngmt Ltd Co. Loring Wolcott Coolidge Fiduciary Llp Ma has invested 0.03% of its portfolio in AT&T Inc. (NYSE:T). Cleararc Capital has 0.93% invested in AT&T Inc. (NYSE:T) for 157,787 shares. Loudon Investment Mgmt Limited Liability holds 2.98% of its portfolio in AT&T Inc. (NYSE:T) for 97,081 shares.

Ratings analysis reveals 0 of 8×8’s analysts are positive. Out of 2 Wall Street analysts rating 8×8, 0 give it “Buy”, 0 “Sell” rating, while 2 recommend “Hold”. The lowest target is $15.0 while the high is $17.0. The stock’s average target of $16 is -8.83% below today’s ($17.55) share price. EGHT was included in 2 notes of analysts from August 26, 2016. As per Tuesday, April 11, the company rating was initiated by Morgan Stanley. Robert W. Baird initiated the shares of EGHT in report on Friday, August 26 with “Neutral” rating.

The stock increased 0.29% or $0.05 during the last trading session, reaching $17.55. About 951,292 shares traded or 12.30% up from the average. 8×8, Inc. (EGHT) has risen 12.01% since February 3, 2017 and is uptrending. It has underperformed by 4.69% the S&P500.

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By1 Moses P. Lee

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Global Compliance – Surveillance Analytics Group – Big Data Engineer

GLOBAL COMPLIANCE


Our division prevents, detects and mitigates compliance, regulatory and reputational risk across the firm and helps to strengthen the firm’s culture of compliance. Compliance accomplishes these through the firm’s enterprise-wide compliance risk management program. As an independent control function and part of the firm’s second line of defense, Compliance assesses the firm’s compliance, regulatory and reputational risk; monitors for compliance with new or amended laws, rules and regulations; designs and implements controls, policies, procedures and training; conducts independent testing; investigates, surveils and monitors for compliance risks and breaches; and leads the firm’s responses to regulatory examinations, audits and inquiries. You’ll be part of a team with members from a wide range of academic and professional backgrounds, such as law, accounting, sales, and trading. We look for those who possess sound judgment, curiosity, and are able to adapt to a changing regulatory landscape.

Surveillance Analytics serve as quantitative experts working on large scale data of the firm. We are Computer Scientists, Data Modelers and Financial Engineers who design and implement risk-based surveillances models. These surveillance models detect suspicious patterns in order flows in electronic markets and low latency environments, insider trading, fraud detection and manipulation by systematic review of structured and unstructured data at large scale. The team works with Compliance Officers across all divisions of the firm, Compliance Senior Management, Business and Technology organizations.

The Surveillance Analytics Group, within the Global Compliance division, is responsible for:

  • Designing and developing complex surveillances with a strong emphasis on analytical models
  • Monitoring the efficiency and effectiveness of surveillance controls that have been implemented throughout the Global Compliance division
  • Leading Global Compliance initiatives focused on business process re-engineering You will be working on cutting edge problems in machine learning, and distributed computing paradigms. The problems that we work on extend across big data, implementation stack to Analytics-at-scale. While not limited to, our analytical models rely heavily on:
  • Bayesian inference
  • Time series and behavior modeling
  • Link and graph analysis
  • Text mining and NLP
  • Stochastic math Our compute environment is also massive, set up on a HADOOP cluster, and we frequently get into
  • Building custom YARN apps
  • Writing raw Mapreduce and Spark jobs
  • Designing Hbase and other big data stores
  • Architecting and building large scale systems
  • Writing highly optimized and scalable production jobs

  • The role requires an advanced degree (Masters/ PhD strongly preferred) in a computational field (Computer Science, Applied Mathematics, Engineering, or related quantitative disciplines)
  • Strong in algorithms and programming (Java, C++, Python, Matlab, R etc.)
  • Experience with handling large data sets & building systems
  • Minimum 2 years of working experience in an analytical or a technical role
  • Effective written and verbal communications skills
  • Willingness to adapt in a fast-paced work environment; strong sense of urgency
  • Strong work ethic

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.


© The Goldman Sachs Group, Inc., 2017. All rights reserved

Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Vet.

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Citizen Lab’s Ron Deibert: How Nations Use Cyber Warfare to Target Human Rights Defenders

Goldman Sachs is working on an iPhone app for the masses (GS) – You’ll be able to access and manage your Goldman Sachs accounts through an app on your smartphone in the near future. Goldman Sachs, which has been expanding its offerings to retail consumers in recent years, is building an iOS app for its growing crop of digital retail banking services, according to a job listing on the company website . The bank is recruiting mobile developers to work in its Consumer Finance Technology…

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5 Big Takeaways From Fortune Brainstorm Tech

Fortune’s Brainstorm Tech conference wrapped up Wednesday and so after a few hours to ponder the last three days in Aspen, Colo., here are my top five personal takeaways.

1: There’s no easy fix for fake news.

On Wednesday, journalists Andrea Mitchell of NBC News, David Sanger of The New York Times (nyt), and Isaac Lee, chief content officer of Univision, weighed in on the U.S. political climate and its impact on the media. Suffice it to say, things don’t look good.

The repetition of “fake news” claims by members of the Trump Administration has become a branding tool to undermine the press, said Mitchell, who is NBC’s chief foreign affairs correspondent. She noted that journalists never quite reconciled how to report on the hacked documents from the Hillary Clinton campaign—whether to ignore them because they were illegally obtained or to vigorously report on them.

“We have not figured out what to do with this and it’s turned everything upside down,” she noted.

Lee who was born in Colombia and lives in Mexico, was asked to represent the rest of the world in his assessment of the status quo in U.S. political and media worlds. And, he didn’t sugarcoat it: “The U.S. is starting to look like a third-world Latin American country.”

None of the panelists suggested a fix for the problem other than that journalists must continue doing their jobs as if they were not under siege. “The biggest single mistake we could do in navigating our coverage of the Trump administration would be to let ourselves become the resistance to the government in place,” said Sanger, chief national security correspondent for the Times. Falling into that trap truly would undermine the media’s credibility.

2: Cyber tensions are sky high

What the Russians did during the recent U.S. elections is serious, but it’s unclear if it rises to the level of cyber warfare. And there’s a real difference between spying and waging cyber war, according to Gen. Keith Alexander, former director of the NSA.

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The difference, he said, is intent. “Cyber war is to inflict damage while spying is to learn secrets,” he said. Every nation engages in cyber spying. The stakes are much higher in cyber warfare, because these acts can provoke responses that could escalate, perhaps even in the physical counterattack.

One example of real cyber warfare was the attack on Sony, purportedly by North Korean actors. Cyber attacks on the Ukraine, meant to destabilize that country’s economy and stability, are another example.

3: The government is broken

Former CIA Director John Brennan spoke bluntly about the need to dial down partisan rancor in the federal government for the greater good. Citizens must put pressure on their elected officials—of both parties— to bury the hatchet and work together, he said.

“This partisan environment will undermine this country’s future and prosperity,” Brennan said. “Political agendas are overriding national security considerations and it is outrageous. I have never seen it this bad in 37 years.”

4: Progress is slow on the diversity front

The room was packed for Tuesday’s town hall discussion about diversity and inclusion in tech. Evertoon founder Ninian Wang talked about her crusade to expose serial sexual harassers in the industry, and got a lot of audience support. But when PicMonkey chairman Jonathan Sposato posited that women don’t always support other women in the industry, things got heated fast.

OpenTable (open) CEO Christa Quarles, took the microphone, calling his contention “bullshit.”

“In Silicon Valley today there is a sisterhood of women who are supporting each other, telling each other about board opportunities, giving each other business ideas,” she responded.

Later in the week, Wang said men need to come forward about sexual harassment and that “deafening silence” on their part is a big part of the problem.

“Women should not have to risk their careers and mortgages” to bring their harassers to account, she said.

Despite a new pledge by tech firms to do better on this front, there is lots of work to do. Nicole Farb, an entrepreneur and former Goldman Sachs banker, said Silicon Valley is far less advanced on this issue than Wall Street, typically seen as another male-dominated bastion.

“Seventeen percent of the bankers at Goldman Sachs are women and just 7% of the valley,” she noted.

5: Richard Sherman Is Sick Of Mainstream Media

President Trump isn’t the only one fed up with the media landscape. Seattle Seahawks cornerback Richard Sherman has his own bone to pick with the major outlets, which he says are stooping to TMZ-style reporting. That disaffection is one reason he’s a contributor to The Player’s Tribune, the online publication launched three years ago by former New York Yankees all-star shortstop Derek Jeter.

Sherman sees The Tribune as a channel for players to put out their own stories out without filtering them through the big outlets, which he says sensationalize them to get clicks. A public relations executive attending the show said many tech companies feel the same way. “Maybe we should start a Vendors’ Tribune,” she noted.

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Looker catches the fancy of CapitalG, Goldman and Geodesic with $81.5M Series D

Business intelligence platform Looker is announcing a wholesome $81.5 million Series D today led by CapitalG, Alphabet’s cleverly named growth investment arm. Goldman Sachs and Geodesic Capital helped fill out the round, joining existing investors KPCB, Meritech Capital Partners, Redpoint and Sapphire Ventures.

Rather than compete in segmented markets against visualization and data preparation startups, Looker wants to own the vertical of business intelligence. The company supports the adoption of enterprise machine learning by providing a source of clean and reliable data.

Pushing up hard against IBM Cognos and Tableau, Looker has been able to grow its market share in the competitive enterprise business intelligence space. Frank Bien, CEO of Looker, told TechCrunch that the company has doubled its customers from 400 to 800 in the last year.

Frank Bien, CEO of Looker

Though startups don’t afford us the transparency of raw revenue and growth numbers, Bien characterizes today’s round as “preemptive.” Google (Alphabet) can support the growth of Looker’s data infrastructure while Goldman Sachs offers advisory perks.

“Google has a reach to help and bring expertise that’s beneficial to a company at scale,” said Bien.

The relationship between Google and Looker is not new. The tech company awarded Looker its Global Partner Award for Solution Innovation during its Cloud Next conference earlier this month. Looker also maintains good relations with Google Cloud competitor Amazon Web Services via a partnership with Amazon Redshift, the company’s data warehousing solution.

On the enterprise side, Goldman has had an active 2017 — seven of its last 10 pre-IPO equity deals have involved startups in the space, according to data pulled from Crunchbase. Goldman held a financial stake in AppDynamics. The startup head-faked the tech industry, opting to accept a last-minute acquisition in the face of a looming IPO. Make of that what you will.

Partnerships and capitalization tables aside, Bien is adamant that he’s growing an independent business. Founded in 2012, the startup is perhaps a bit young to be stressing over an initial public offering, but that seems to be the direction it’s headed.

“We’re aiming to build a strong independent business,” added Bien. On day one we started with a platform play.”

Today’s round brings the company’s total fundraising to $177.5 million. A significant chunk of the company’s capital has gone toward increasing its headcount. Looker added 100 employees throughout 2016. It now supports nearly 400 employees that service North America and Europe. Bien is bullish that Geodesic can help the startup catalyze new growth in China.

The company seemingly has a thing for Q1 fundraising, previously closing $30 and $48 million rounds in Q1 2015 and 2016, respectively. But despite the brisk pace of growth, it doesn’t surpass Slack’s busy 2014, when it raised both a $42.7 million Series C and a $120 million Series D.

Featured Image: bubaone, joingate/Getty Images

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