Wall Street lives and dies by its ability to quickly and smartly manipulate data to come up with the latest financial product, high-speed stock trading strategy, or algorithm for hedging risky derivatives. But just as the technology edge becomes more important, Wall Street is facing a big slump in its profits and reputation. That makes it harder to recruit promising technologists.
Now, some Wall Street giants—including American Express, JP Morgan Chase, Capital One, State Street, Goldman Sachs, and Bank of America— have backed the FinTech Innovation Lab, an attempt to create an ecosystem of financial technology startups in the New York area. The baby "fintech" companies could provide important innovation to the larger firms while making connections with potential customers and gaining insight from them.
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