Marco Argenti will take over as Goldman Sachs' sole chief information officer in October.

Argenti, who helped build Amazon into a tech behemoth, sat down with Insider to discuss his vision for transforming how the bank does business.

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1. Marco Argenti, Goldman Sachs' next sole chief information officer, wants to use some of what he learned from his Amazon days to transform the bank. He will take over as Goldman Sachs' sole CIO in October after joining as a partner and co-CIO in 2019.

Argenti joined the bank from Amazon Web Services, the tech company's cloud-computing division, where he was most recently a vice president of technology.

In his short time at Goldman Sachs, Argenti has made a splash. By early 2020, he had formed a developer-experience team, which incorporates the different facets of a Goldman Sachs engineer's life — from their hiring to how they collaborate — under one umbrella.

At the heart of Argenti's vision is to remake Goldman Sachs in the fashion of a tech company, something the bank has pursued in the past. He's also using this ethos to guide where the bank hunts for growth opportunities.

Wall Street is being forced to embrace evolving technologies to keep up with burgeoning fintechs and a rapidly-changing customer who prioritizes convenience and speed in banking.

Check out the full story from Insider's Bianca Chan and Carter Johnson on Argenti's mission to morph Goldman Sachs into a tech-savvy institution for the future.

In other news:

Foto: Jackal Pan/Visual China Group via Getty Images

2. WeWork founder Adam Neumann's new company, Flow, wants to transform the residential real-estate space. Andreessen Horowitz is investing about $350 million in the new venture, giving the founder's latest project an early sign of approval.

3. JPMorgan's former global head of gold trading, Michael Nowak, was convicted of placing bogus orders of the commodity. This Bloomberg story details how the world's most powerful gold trader was toppled.

4. Wall Street banks have revived the trading of Russian bonds, Reuters reported. Banks, including Citi and Bank of America, have cautiously returned to the market for Russian government and corporate bonds since guidelines from the US Treasury allowed US holders of the debt to wind down their positions.

5. Ghost Financial is becoming the financing "backbone" for the next wave of virtual brands. The startup, which offers financing, insurance, and education to ghost-kitchen operators, is betting big on the sector amid a downturn.

6. A former Tesla manager said Elon Musk fell asleep at his desk and fired people who disagreed with him. Carl Medlock, a former territory manager at Tesla, shared five other surprising details about working with the billionaire CEO.

7. JPMorgan Chief Executive Jamie Dimon told wealthy clients that there's a chance the US is heading into "something worse" than a recession. He called current risks "storm clouds" in a call with the bank's wealthy clients.

8. Frédéric Oudéa is stepping down as the chief executive of French bank Société Générale. This story from the Financial Times takes you inside the bank's succession plan, and why it needs a fresh start.

9. Remote-work startup Switchboard nabbed $25 million from investors including Sequoia Capital and Icon Ventures. Here's an exclusive look at the pitch deck Switchboard used to raise the capital.

10. A leaked novel about murders and affairs is causing chaos in a Fire Island town full of rich Manhattanites. The book is not scheduled to come out until summer 2023, but it's sent the tiny town into a tizzy.

Done deals:

  • Scandinavian airline SAS has signed a $700 million debtor-in-possession loan agreement with Apollo. The loan pays an interest rate of 9% over the Secured Overnight Financing Rate. SAS filed for bankruptcy protection in the US in early July.
  • Carlyle-backed Abrigo has purchased BankLabs' Construct and +Pay, a fintech company that provides administrative duties for funding. Abrigo provides compliance and credit-risk services for financial institutions.

Curated by Aaron Weinman in New York. Tips? Email [email protected] or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.

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