What Can Wall Street and Silicon Valley Learn From Each Other?

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 3 September 2019

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Technology is changing the structure of the financial industry, says Marty Chavez, global co-head of the Goldman Sachs Securities Division. In this episode, he discusses how the industry is reshaping. “If you look inside a financial services firm, you’ll find there has traditionally been a relatively small number of roles that we talk about—so there’d be bankers, salespeople and traders,” Chavez says. “Now, all of those simple, easy categories are going away and they’re going away fast, and it’s becoming much more complicated and much more multidimensional.” This breaking down of clear categories also changes how financial firms compete with each other. “The traditional notions of ‘You’re my competitor’ are giving away to something that looks much more like coopetition—maybe not my favorite word, but you compete in some areas and you cooperate in some other areas; and some other areas you might be a client, or they might be a client,” Chavez says.

Transcript

Click on a timestamp to play from that location

0:00.0	This is Exchanges of Goldman Sachs, where we discussed developments currently shaping markets, industries
0:13.3	in the global economy.
0:14.3	I'm Jake Seward, global head of corporate communications here at the firm.
0:18.1	Today we're talking about the future of finance, a big topic, and what Wall Street and
0:21.7	Silicon Valley have to learn from each other.
0:23.8	Our guest is none other than Marty Chavez, Global Co-head of the Securities Division.
0:28.3	Marty, welcome to the program.
0:29.7	Thank you, Jake.
0:30.7	Welcome back to the program program as it were.
0:32.5	So let's get right into it.
0:34.2	What's the future of financial services
0:36.6	looking ahead say 10 years?
0:38.8	One thing I would caveat and say just for starters
0:42.4	that I have unbelievably sharp and precise visions of the future and terrible timing.
0:50.0	So I'll say this is the future state of finance, but as for does finance look like this, five years from now, 10 years from now, 15, 20,
1:00.0	I'm not going to say too much about the time frame, but it's really clear where it's going.
1:04.8	We've all grown up with traditional categories, usually dichotomies,
1:10.8	in the financial ecosystem.
1:12.5	So here's one, buy side and sell side.
1:16.3	Another one might be market infrastructure providers,
1:20.3	such as the exchanges and clearinghouses,
1:22.4	and then everybody who uses the market
	...

Transcript will be available on the free plan in -2035 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Goldman Sachs, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Goldman Sachs and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.