| Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week: If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals.
The app aims to make trading easy and fun for a simple reason: The more users trade, the more money Robinhood makes. The startup's business model, in fact, is based in large part on what is known as payment for order flow (PFOF) — taking the buy and sell orders that users place and selling them directly to large trading firms. More stories on the retail-trading frenzy:
Morgan Stanley was nearly toppled by subprime mortgage exposure during the financial crisis. In 2020, Morgan Stanley inked big deals for E-Trade and Eaton Vance and raked in record revenue. CEO James Gorman is now the highest paid bank exec on Wall Street, and the firm recently named a bumper class of new MDs. Here's how the bank remade itself over the past 10 years, and why CFO Jon Pruzan told us that it's ready for a big growth push. More stories on Morgan Stanley:
As an army of retail traders took on some of Wall Street's biggest names, one of Silicon Valley's most storied investment firms found itself with money on both sides of the trade. Sequoia Heritage, an under-the-radar endowment-style fund at the venture-capital firm, was an early investor in Melvin Capital. You can get the full rundown here.
Goldman Sachs on Wednesday told staff about leadership changes within its investment bank. Susie Scher and Vivek Bantwal will become chairman and cohead of global financing, respectively. Akila Raman, formerly the COO of global financing, will become COO of the investment bank. More Goldman news this week:
The payments giant announced Visa Crypto APIs, a set of application programming interfaces that allow Visa's fintech customers to offer the ability to buy, custody, and trade digital assets held by Anchorage, a federally-chartered digital asset bank. First Boulevard, a digital-only bank with a goal of increasing financial empowerment in the Black community, is the first customer to use Visa Crypto APIs. Visa expects to make a wider launch of the APIs later this year.
Another senior Point72 data executive is departing the hedge fund. Kirk McKeown, who led proprietary research, is leaving to start a business, sources told Insider. In December, Matthew Granade, who oversaw the fund's data efforts, left amid a firm reorganization. Other hedge fund news:
Other stories readers loved this week | 
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