Goldman Sachs has bought a one-person startup to help supercharge its bankers’ financial modeling skills
The bank is hoping the cloud-based software can begin to do for investment banking what SecDB, its risk management system, has done for the securities division by creating a single place where models can be stored and analyzed.
Goldman Sachs has been searching for years for an investment-banking equivalent to the vaunted risk management system its traders use. It may have just found it.
This week, the company agreed to buy ClearFactr, a one-person startup that makes a cloud-based competitor to Microsoft Excel, according to a note the company sent to clients this week. Its founder, Dean Zarras, will join Goldman Sachs as a managing director and stick around to continue developing the financial modeling software, the note said.
I know what you’re thinking. Financial modeling? Snooze.
For decades, Wall Street has relied on Microsoft’s Excel program to handle financial models, keep track of trading positions, and underpin much of the calculations that make the industry work. Excel is ubiquitous.
But ClearFactr may help Goldman solve one of the most entrenched challenges in investment banking: how to update the financial modeling software that bankers use for the …read more
Source:: Businessinsider – Technology