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Here are the top finance stories of the day for August 7

Happy Friday! 

In case you missed it, we’ve switched things up. I’m Dan DeFrancesco, an associate editor on the finance team. Every day I’ll be giving you a curated look at all our best stories.

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco


PayPal



Reuters/Albert Gea


PayPal, like other players in the payments space, has seen some massive growth in recent months thanks to the global shift to online payments in the wake of the coronavirus. 

But despite a record number of transactions and a surging stock, the payment giant’s CFO, John Rainey, has his eyes on an even bigger prize: your entire wallet. 

Shannen Balogh has all the details on the CFO’s plans to have PayPal continue to do more than just process payments. 

Part of that future strategy could also include deals with some major marketplaces, such as Alibaba or Amazon, now that PayPal’s five-year operating agreement with eBay has passed.


unicorn

Unicorns have been going public at a growing pace.

AP / Leo Correa


Some of the world’s biggest asset managers are adjusting valuations for buzzy venture-backed startups that amassed huge price tags. Bradley Saacks and Meghan Morris dove into securities filings to get a sense of how big investors like BlackRock and Fidelity are reevaluating the likes of Palantir and Sweetgreen.


FILE PHOTO: A CCTV security surveillance camera overlooks a street as people walk following the spread of the coronavirus disease (COVID-19) in Beijing, China May 11, 2020.  REUTERS/Thomas Peter

Outbreak of the coronavirus disease (COVID-19) in Beijing

Reuters


If you can’t remember where you placed your key card for work, don’t sweat it. You might just need your face next time you head into the office. Dan Geiger spoke to facial-recognition experts about why the tech could become the norm at office workplaces as a way to prevent the spread of germs. 


brian moynihan bank of america



AP Images / Richard Drew


It might not be the most exciting part of finance, but offering workplace benefits can lead to a steady stream of revenue. Rebecca Ungarino has the scoop on Bank of America’s big push into the space, including the bank hiring 45 employee benefits specialists.  


Odd lots:

Calpers Investment Chief Ben Meng to Step Down From Largest U.S. Pension (WSJ)

Crazy pay at KKR so far this year (eFinancialCareers)

What’s fractional share trading? Here’s how it works, and who’s offering tiny slices of pricey stocks like Amazon and Shopify. (Business Insider)

3 Bon Appétit Test Kitchen stars are walking, in a sign that Condé Nast’s burgeoning YouTube empire will never be the same (Business Insider)

Gordon Ramsay slammed a US woman for making ‘British fish and chips’ in the microwave on TikTok (Insider)



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