Walmart Flexes on Wall Street

Walmart has poached two senior bankers from Goldman Sachs to help run its new fintech startup, Bloomberg reports, citing anonymous sources, a move that has “struck fear on Wall Street” as the world’s largest retailer muscles its way into financial services. Goldman’s consumer banking chief, Omer Ismail, and one of his top deputies, David Stark, have signed on to Walmart’s fintech venture, which vows to develop affordable financial products for employees and customers. It’s a heavy blow to “the most gilded name on Wall Street,” with banks raising concerns over Walmart’s “foray in finance.”

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