NEW YORK: Walmart Inc just took one step closer to being JPMorgan Chase & Co’s biggest nightmare.By luring a pair of senior bankers from Goldman Sachs Group Inc to run its fledgling financial technology startup, the world’s largest retailer is gaining even more heft as it seeks to become a one-stop shop for consumers’ financial needs.
The move struck fear on Wall Street, which has been begging regulators to halt recent efforts by retailers and startups to begin offering core banking products to millions of consumers.