In today’s top news, Goldman Sachs reported a $12 billion boost in Marcus deposits with a $72 billion tally at the end of the quarter, while Walmart is hoping that consumers will get its Walmart MoneyCard. Also, Alphabet plans to slow down the pace of hiring.
Goldman Sachs registered earnings that, like the other large names in banking, showed the company took reserves amid a worsening macro environment. Goldman’s Marcus registered a $12 billion boost in deposits, and the tally was $72 billion at the quarter’s conclusion.
Walmart is hoping consumers will sign up for its Walmart MoneyCard to make a direct deposit account for the government stimulus payments being delivered this week, promoting fast access and waived fees. The retail company said the process would be easy, safe and affordable.
The CEO of Grab, Singapore’s ride-hailing unicorn, said business is off; however, the company’s diversified offerings and liquidity will aid it in working through the pandemic. Grab CEO Anthony Tan said per reports, “We are fortunate to have ample liquidity to tide us through, whether it’s a 12-month recession or 36-month recession.”
Alphabet, the parent company of Google, intends to decelerate the pace of hiring because of the economic slowdown brought about by the COVID-19 pandemic.
CEO Sundar Pichai said in a memo to staff that beyond decelerating new hires it is putting cost-cutting measures into place and will be “recalibrating the focus and pace of our investments in areas like data centers and machines, and nonbusiness essential marketing and travel” per a report.
PYMNTS research suggests that the average small and medium-sized business (SMB) expects to run out of cash two months before the end of the pandemic — even with government assistance. And just one-third of all SMBs have applied for loans with the Small Business Administration (SBA) as of April 6, even though two-thirds of them feel they could run out of cash prior to the end of the pandemic.
Consumers under quarantine are discovering home cooking and the power of spices. The ingredients, however, only arrive at their door after traveling via complex supply chains, and the spice purveyors that bring these products to consumers have to have robust accounts payable (AP) strategies.
In a feature story, Charlie Mayer, CEO of The Spice House, discusses AP automation tools that can assist firms in managing their numerous different payment flows while preventing manual errors.