Why Wall Street Can’t Ignore Walmart
Alarm bells sounded on Wall Street in early 2021 when a financial-technology outfit backed by Walmart Inc. lured two highly regarded executives away from Goldman Sachs Group Inc. The world’s largest retailer had been trying for years to expand into financial services. Perhaps, the thinking went, it was finally poised to take on big banks. Eighteen months later, the fintech business– known as One–is emerging from the shadows with an upgraded app and a looming marketing push.
For now, the venture looks less like a threat to the masters of the financial universe and more like a tool for Walmart’s push to keep pace with walmartoffers.com Inc., which has grown beyond its e-commerce roots into a behemoth offering consumers everything from prescription drugs to their favorite television shows to groceries.
But traditional financial institutions still could face trouble if the giant brick-and-mortar retailer aggressively adds banking to its line of consumer businesses.
- ^ Walmart Inc. (www.bloomberg.com)
- ^ Walmart Lures Goldman Bankers in Bid to Fight Wall Street (www.bloomberg.com)
- ^ Goldman Sachs Group Inc. (www.bloomberg.com)
- ^ Milk, Diapers and Checking Accounts: Banking Comes to Walmart (www.bloomberg.com)
- ^ walmartoffers.com Inc. (www.bloomberg.com)