Walmart Makes Plans to Go Into Financial Industry

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(TheConservativeNews.org) – One of the keys to consistent success in the world of business and investment is diversification. If you want to stay at the top of your game, you need to have interests in more than one area. The top brass at Walmart have clearly been thinking along these lines; it looks like the department store/grocery giant is set to enter the fintech industry. 

On Sunday, February 28, Bloomberg reported that Walmart had poached two top financial operatives at Goldman Sachs to work at its new fintech startup.

Omer Ismail was the head of Goldman Sachs’ consumer bank, while David Stark worked under him. Both men will now have a role to play in Walmart’s extension into the world of finance. 

In January of this year, Walmart announced plans to team up with fintech firm Ribbit Capital to “offer next generation digital financial products.” According to Walmart US’ president and CEO, John Furner, this initiative was a response to customer demand for more extensive financial services offerings from the retail giant. 

Copyright 2021, TheConservativeNews.org

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