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Wall Street shedding jobs, technology fills void

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Last year ended with record employment on Wall Street since the 2007-2008 crisis. But as Q1 2016 ends
 
April 3 · Issue #26 · View online
Tearsheet Weekly Newsletter
Last year ended with record employment on Wall Street since the 2007-2008 crisis. But as Q1 2016 ends, we’ve seen numerous banks announce that they were slimming down and letting people go. Technology is a big reason this is happening – it’s not just automating back office functions but working its way up into the knowledge workers now.
– Zack Miller, Editor-in-Chief, Tradestreaming
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The Incumbents
Technology is filling the void left behind by Wall Street layoffs
Debt market opens to P2P loans
State Street buys GE Asset Management for up to $485m
The Startups: Who's shaking things up
As Fidelity enters roboadvising, Boston startup AlphaPack pivots away
Lifting the bonnet on an online lending portfolios (reg required)
Eight predictions for the future of online brokerages
Startups raising/Investors investing
Canaan Partners’ Dan Ciporin on investing in marketplace lending
Big bucks ($100m) for Betterment
Figtree Financing raises $30m to Advance PACE financing nationally
Branch.co raises $9.2m to bring financial services where banks don’t go
Renren invests $4m in online property manager, OneRent
Tools of the trade
3 key pieces of advice to build a fintech startup from a leading investor
Apps that make saving as effortless as spending
WTF is a roboadvisor?
This 25-year-old data engineer is helping disrupt the world of finance
Marketing, data, and user behavior
Fund-of-Hedge-Fund assets contracted to $807b in 2015
How would you answer the question: What is fintech?
Putting the client last: A former investment banker explains how clients are being systemically sucker-punched
More Americans say they're shifting down demographic groups
Decline of the U.S. middle class
Yodlee deal with Vanguard exemplifies move toward investment sector
New financial products
Why banks like BMO are testing Pay by Selfie technology
DTCC, Digital Asset Holdings build blockchain for repurchase market
Subprime auto loans: Another reason for using distributed ledgers for asset backed securities
New social impact bond to prevent diabetes
Braintree launches Auth for merchants to integrate with partners
USAA examines new ways to establish online identity
Samsung Pay launches in China via China Union Pay partnership
What we're reading
Banking regulator moves to create new framework to govern upstarts
The fiduciary rule isn't about the money...actually, it is about the money
Banks and fintech firms can and must collaborate: Singapore
Japan looks to kickstart fintech by easing investment restrictions
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