Investment Banking & Brokerage
Case studies in investment banking & brokerage.
Schwab’s Two AI Front Doors
On September 30, 2026, Charles Schwab announced Charley, a generative AI assistant for eligible U.S. retail clients. The planned October rollout would bring Schwab information, tools, and service into a voice- or text-based conversation on Schwab.com and Schwab Mobile. Read case
Goldman Sachs — Scaling Alternatives with Discipline
On 3 August 2026, Goldman Sachs filed its second-quarter Form 10-Q. Its public ambition for alternatives remained substantial: management expected sustainable annual gross fundraising of $75–100 billion and had set a target of $750 billion in fee-paying alternative assets under supervision (AUS) by the end of 2030. Read case
Interactive Brokers Group — What Is Cash Worth?
On 16 April 2024, Interactive Brokers Group (IBKR) reported first-quarter net interest income of $747 million, up 17% from a year earlier. It also reported $104.9 billion in customer credit balances, 2.75 million customer accounts, and $465.9 billion in customer equity. Read case
Jefferies and SMBC: Turning an Expanded Alliance into a Portfolio of Choices
On September 19, 2025, Jefferies Financial Group Inc. and Sumitomo Mitsui Banking Corporation (SMBC) announced a broad expansion of their relationship. Read case
Morgan Stanley: Retaining Workplace Stock-Plan Assets After Vesting
On March 1, 2024, Morgan Stanley’s Wealth Management leadership is reviewing how to serve employees whose company stock awards vest. The company reported that its workplace-channel vested-asset retention rate was 29% in 2023, down from 34% in 2022 but above 24% in 2021. Read case
Raymond James Financial — How Should Advisor Growth Be Governed?
Raymond James Financial entered calendar 2024 with record client assets and what management described as robust advisor recruiting. For the quarter ended December 31, 2023, domestic Private Client Group (PCG) net new assets were $21.6 billion, equal to 7.8% annualized growth from the period’s beginning assets. The company offered several advisor affiliation and service models. Read case
Robinhood Markets — Paying for the Long-Term Customer
Robinhood Markets had built a large mobile brokerage by making investing easy to start and inexpensive to use. By mid-2024, the company was extending its proposition beyond active trading. Its self-directed retirement accounts were growing quickly, and a series of matching offers had brought billions of dollars of assets onto the platform. Read case