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The enterprisiest announcement I've read in a long time. And I work at a big corp. Wouldn't be surprised if many people who read this actually don't even unders
by erikb 9y ago
The enterprisiest announcement I've read in a long time. And I work at a big corp. Wouldn't be surprised if many people who read this actually don't even understand that it basically says "hi guys, we got bought."
It's also hard to figure out what WePay has actually been doing. Great enterprise speak again.
So, that's what the banking world looks like? Even more enterprisy than the Enterprise despite being a start-up?
- gk1 9y agoI thought it was fairly clear. Chase wants to get into the fintech space so they acquired WePay.
- roymurdock 9y agoIs there a a good definition for companies in the "fintech" space? Is it anyone building a product that lets consumers/enterprises receive and send payments over mobile/desktop/internet rather than physically going into a branch? Curious as it seems to me (uninformed) that basically all banks already have fintech offerings and are built around networking and payments technology at their core.
- toastking 9y agoI think fintech (like "edtech") is a little bit nebulous. I would say anything involving handling money is fintech. So stuff like Venmo or Robinhood. I would even go so far as to say certain data science companies are fintech in that their offerings cater to financial institutions.
- erikb 9y agoYeah but it is written indirectly, and the only reason why it's clear to you is because you are probably trained (willingly or not) to interpret such announcements. Between my quote "hi guys, we've been bought" and this statement, you can see the difference, right? One is very clear to the point, the other talks about lot of things but actually doesn't literally spell it out once.
- whipoodle 9y agoYes? People are not generally interested in financial institutions saying “bae is lit AF” or whatever.
- erikb 9y agoWhat are you trying to say?
- quuquuquu 9y ago>so that's what banking looks like? Unfortunately I'd say yes. Consider that Goldman Sachs has 38,000 employees and the average compensation is 350k-400k per year, per their recent quarterly filing. It is an elite world based on signaling and deep relationships, because there is a lot of money at stake.
- pc86 9y agoI'd be interested in seeing the median salary, I imagine that's quite a bit lower.
- quuquuquu 9y agoI completely agree, I bet you have 100 people making 10m+ per year, and 20,000 staff and interns at the back office in New Jersey making 45,000 maximum, hired from SUNY schools. What do you think of my estimation?
- brianwawok 9y agoYou can find salary info for gs grads right out of college. Hint: its a lot more than 45k
- csomar 9y agoCare to share the source/link for such info.
- pc86 9y agoFor IB, sure. But are most GS employees traders? It looks like most of the support staff is in the $20-30k range[0], which includes help desk and the like. Even certain analyst positions seem to be in the $45-50k range. On page ten of ascending salaries I've just barely passed $60k. My point is that while the "average" compensation may be $400k, that's going to account for a very small percentage of the employees. The median is probably well below $100k, dependent largely on just how many support staff there are compared to traders. And even the traders who only last a year or two before getting fired will probably only make $100-150k. [0] https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E2800.htm?sort.sortType=BP&sort.ascending=true https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E280...