Is Goldman Sachs trying to change it's image from being an investment bank to a tech company? That seems to be the gist behind the Walls Street firms latest spin-off of its internal mobile software. Goldman's willingness to be more open about it's internal systems, along with its' growing number of engineers, is a positive sign towards internal innovation. This is a big plus for fintech disruptors who can thrive from the openness of these institutions to build stronger and easier tech integrations.
The deal marks the latest bid by Goldman to share—and wring more profit from—the software platforms its engineers had developed initially for internal use. It also lends support to Chairman and Chief Executive Lloyd Blankfein’s oft-stated contention that the firm is as much a technology company as an investment bank. R. Martin Chavez, the Goldman chief information officer who founded a technology startup in between stints at the firm, has sought to foster a more entrepreneurial spirit among his some 11,000 engineers—while trying to burnish its credibility within a Silicon Valley community often underwhelmed by engineers’ place in the pecking order on Wall Street.