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With Goldman Hires, McMillon Moves Closer to Bank of Walmart

  • Goldman’s Omer Ismail to lead Walmart’s newly created fintech
  • For banks, ‘alarm bells go off’ with giant’s foray in finance
Bloomberg business news
WATCH: Walmart lured two senior bankers from Goldman Sachs to run its financial technology startup.Source: Bloomberg
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Walmart Inc. just took one step closer to being JPMorgan Chase & Co.’s biggest nightmare.

By luring a pair of senior bankers from Goldman Sachs Group Inc. to run its fledgling financial technology startup, the world’s largest retailer is gaining even more heft as it seeks to become a one-stop shop for consumers’ financial needs. The move struck fear on Wall Street, which has been begging regulators to halt recent efforts by retailers and startups to begin offering core banking products to millions of consumers.