Wells Fargo

The lack of diversity among U.S. financial executives

One of the more depressing pages on the internet is the "Our Members" page for the Financial Services Forum, a group representing the eight largest financial institutions headquartered in the U.S. Each firm is represented by its CEO, and seven of the eight CEOs are white men between the ages of 58 and 64. (The eighth, BNY Mellon's Charles Scharf, breaks the mold by being a white man aged 53.)

The bottom line: It's long past time that this group became significantly more diverse.

Report: Goldman Sachs close to deal to spin off Simon app

Goldman Sachs logo.
Photo: Ramin Talaie/Corbis via Getty Images

Several banks — including JPMorgan Chase, Barclays, HSBC and Wells Fargo — are reportedly in advanced talks to take stakes in Goldman Sachs' Simon app, an online tool that facilitates the sale of investment products, the Wall Street Journal reports.

Why it matters: Goldman Sachs hasn't kept its internal technology as close to the chest in recent years. This deal, which was first reported last year and values Simon at about $100 million, is an example of the firm further monetizing software that was originally intended for internal use.

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