5/7/2023 0 Comments Chinabased keep linkdocThe plan at least brings clarity for Ant and its deflated global investors. The Wall Street giants became subject to new rules for accounting, leverage tests and thicker capital buffers, growing stronger in the decade since. Morgan Stanley made a similar announcement the same day. Then-Chairman and Chief Executive Officer Lloyd Blankfein said the firm would be “regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources.” In September 2008, during the global financial crisis, Goldman announced it would become a bank holding company to navigate challenging financial markets. The potential transition follows an established formula. That follows weeks of bad news for the ambitious firm that had become ubiquitous with the future of finance, innovation and digital payments in China, puncturing hopes for what was meant to be a blockbuster initial public offering valued at over $300 billion. Goldman turned out just fine.Īnt is essentially planning to fold all units requiring a financial license into the structure, Bloomberg News reported, citing people familiar with the matter. and other Wall Street heavyweights made a similar transition, from broker-dealers to bank holding companies. The move would curb its ambitions to become a future-forward fintech company that’s more than a bank or mobile-payments provider.īut would that be bad? In 2008, after the collapse of Lehman Brothers, Goldman Sachs Group Inc. The Goldman Sach’s Solution Could Work Out Fine For Alibaba’s Jack MaĪttempting to regain the good graces of Chinese authorities, Jack Ma’s Ant Group is considering becoming a financial holding company that would be regulated like a bank. Ma may need to give up some of his bigger ambitions, but making Ant a financial holding company could bring absolution and profits. China Puts The Kibosh On Both Bitcoin AND Big Tech
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