Goldman’s Cloud Will Pitch Trades
Also a Nasdaq cloud, ESG activists, Diem and Miss Excel.
Much of the business of an investment bank’s sales and trading division consists of calling up clients and saying “hey you should do this trade, this trade would be good for you.” Perhaps the trade would be good for the client. But the actual point is that it would be good for the bank; the bank would collect some commission or fee or spread or edge for executing or financing the trade. If clients do lots of trades the bank makes lots of money. If clients do not do trades the bank makes no money.
This is obviously complicated and subtle and exhausting work. You have to call lots of clients and suggest lots of trades, and if the suggestions are stupid the clients won’t do the trades and will stop taking your calls and do trades with some other bank. So you have to think of trades that the client will like, which requires knowing a lot about the market and the clients.