Posted on

The Quarterly Review: How J.P. Morgan Payments’ Prashant Sharma intends to build the trust infrastructure that agentic commerce will need

In today’s edition, we will spotlight Prashant Sharma, Executive Director of Biometric Payments and Agentic Commerce for Merchant Services at J.P. Morgan Payments.

The focus: Building the scaffolding of governance and trust frameworks that the agentic commerce future will need

Prashant: Our primary objective for agentic commerce efforts at J.P. Morgan Payments is to translate questions about this emerging space into practical operating models for merchants. We want to become a convening force in shaping the shared standards and trusted infrastructure the ecosystem will need going forward.

…

Posted on

Why PayPal makes sense for Stripe now

    Weekly 10-Q

    The weekly 10-Q newsletter is part of the Tearsheet Pro subscription, where I unpack the recent moves and strategies of leading banks and fintechs in the public space, coupled with stock market analysis. In your inbox every Friday!

    Message Sara

    Why PayPal makes sense for Stripe now

    What Stripe sees in PayPal that others may have missed…

    Stripe and PayPal occupy different sides of online commerce.

    Stripe built the infrastructure powering merchants behind the scenes. PayPal built one of the internet’s most recognizable consumer brands, putting its checkout button in front of hundreds of millions of shoppers.

    Now, those worlds may be converging. A reported $53 billion joint bid by Stripe and private equity firm Advent International for PayPal suggests how Stripe believes competition in commerce is changing. Stripe is potentially betting that the next competitive advantage in commerce lies in controlling more of the transaction journey – from merchant software and checkout to identity, wallets, fraud, and eventually AI-powered commerce.

    Advent International, which manages approximately $94 billion in assets under management (AUM), brings more than capital to the proposed deal. The private equity firm has deep experience investing in payments, with past investments including Worldpay, Vantiv, and Nexi. That’s an important position to be in because integrating PayPal would likely require reshaping operations, streamlining overlapping businesses, and repositioning slower-growing assets. 

    Reports also suggest the Stripe-Advent consortium has secured roughly $50 billion in committed bank financing, underscoring the seriousness of the approach. However, according to The Financial Times, PayPal has been reluctant to engage with the consortium, suggesting its board may believe the reported offer undervalues the company, particularly if management expects its restructuring efforts to restore growth.

    Stripe would be buying distribution

    …

    subscription wall for TS Pro

    Posted on

    The Week in Market Moves | July 9-16, 2026

    Company signals and market response

    This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

    It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

    Subscribe to PRO and get the full 10-Q story every Friday!

    1. Goldman Sachs (GS) – Close: $1099.07

    • Goldman reported record Q2 revenue of $20.3 billion (+39% YoY), driven by a surge in investment banking, underwriting, and trading activity.
    • The bank says the AI investment cycle is creating opportunities well beyond technology deals, spanning financing, private credit, wealth management, commodities, and infrastructure.

    Why it matters: Goldman’s quarter suggests AI is reshaping the economics of investment banking itself. Every major AI investment, whether it’s a data center, power project, or semiconductor facility, creates a chain reaction of advisory work, financing, risk management, and capital markets activity. The real advantage is monetizing every financial consequence that follows.

    2. Deutsche Bank (DB) – Close: $36.06

    • Deutsche Bank and the World Bank’s MIGA launched a €1 billion ($1.1 billion) trade finance platform focused on frontier and emerging markets.
    • MIGA will provide guarantees that reduce payment risk, allowing Deutsche Bank to extend trade finance where capital has become harder to access.

    Why it matters: Trade finance is increasingly becoming a strategic infrastructure business rather than a back-office banking product. As supply chains fragment and geopolitical risks reshape global trade, companies need financing partners willing to bridge markets that private capital has begun avoiding. By combining multilateral guarantees with commercial banking capabilities, Deutsche Bank is effectively expanding the geography in which it can safely deploy its balance sheet while positioning itself deeper inside global trade flows.

    3. Wells Fargo (WFC) – Close: $88.22

    • Wells Fargo rolled out Advisor Gateway, an AI-powered desktop that gives wealth advisors access to more than 200 planning, research, and investment tools.
    • The bank says years of technology and AI investments are improving advisor productivity while supporting hiring, retention, and client growth.

    Why it matters: Wells Fargo is increasingly using AI to strengthen revenue-generating relationships. AI is becoming the operating layer that helps them serve more clients, surface better insights, and spend less time navigating fragmented systems. That illustrates that AI in banking is evolving from an internal efficiency initiative into a competitive advantage for customer-facing businesses.

    4. Citigroup (C) – Close: $132.50

    • Citi’s Services business generated standout growth, with revenue up 18%, operating deposits reaching roughly $1 trillion, and cross-border transaction value increasing 13%.
    • The bank is increasingly positioning Treasury and Trade Solutions as the foundation for expanding lending, FX, capital markets, and broader institutional relationships.

    Why it matters: Treasury is becoming the point where banks gain continuous visibility into how global businesses actually operate. Daily payment flows reveal cash flow needs, currency exposures, and financing opportunities long before a client requests them. That turns transaction banking into a distribution platform capable of feeding relationships across almost every other part of the bank.

    5. BNY (BNY) – Close: $159.57

    • BNY expanded its partnership with Circle, enabling institutional clients to custody USDC, mint and redeem tokens, and manage reserves within the bank’s existing infrastructure.
    • The bank continues positioning itself as the institutional bridge connecting traditional finance, blockchain networks, and tokenized assets.

    Why it matters: BNY is making a different bet from many early crypto companies. Rather than asking institutions to move into a new financial system, it’s bringing blockchain capabilities into the one they already trust. That could prove especially valuable as tokenized assets become more common. The long-term opportunity is becoming the infrastructure that allows institutions to move smoothly between traditional money, stablecoins, and tokenized securities without changing how they operate.

    Posted on

    The Week in Market Moves | July 2-9, 2026

    Company signals and market response

    This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

    It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

    Subscribe to PRO and get the full 10-Q story every Friday!

    1. Coinbase (COIN) – Close: $158.44

    • Coinbase secured U.K. regulatory approval to offer equities, derivatives, and perpetual futures alongside crypto products.
    • The move advances Coinbase’s ambition to become an “Everything Exchange,” combining traditional and digital asset investing under one platform.

    Why it matters: Coinbase is steadily erasing the line between crypto exchanges and traditional brokerages. Rather than waiting for tokenized finance to fully emerge, the company is building a platform where conventional assets and blockchain-based products co-exist. The U.K. license gives Coinbase a regulated pathway to expand well beyond crypto, reinforcing a broader industry trend: the future competition may not be between banks and crypto firms, but between platforms that can offer every asset class through a single customer relationship.

    2. U.S. Bank (USB) – Close: $61.90

    • U.S. Bank launched Enhanced Payments, giving small businesses a single digital interface to send same-day ACH, instant payments, and international wires without visiting a branch.
    • The bank has added higher transaction limits and payment guidance tools to help growing businesses choose the right payment rail for each transaction.

    Why it matters: U.S. Bank is acknowledging that small businesses increasingly manage the same cross-border suppliers, cash flow complexity, and payment choices that were once reserved for larger enterprises. Rather than asking businesses to adopt another standalone payments platform, the bank is embedding sophisticated money movement directly into digital banking. The competitive battle is shifting from offering more payment rails to making those rails easier to navigate.

    3. J.P. Morgan Chase (JPM) – Close: $335.47

    • JPM launched a dedicated Small-Cap Investment Banking business targeting companies valued between $100 million and $500 million.
    • It positioned the new team to work alongside commercial banking, private banking, and financing groups, extending J.P. Morgan’s existing relationships with growing businesses.

    Why it matters: J.P. Morgan is moving further down the corporate ladder without changing its investment banking playbook. Many smaller businesses are approaching ownership transitions, attracting private equity interest or preparing for acquisitions, creating a growing pipeline of advisory work. By serving these companies earlier, J.P. Morgan increases its chances of keeping clients as they scale instead of losing them to boutique advisory firms. The strategy is as much about relationship expansion as it is about deal volume.

    4. Block (XYZ) – Close: $77.42

    • Block agreed to pay $45 million to settle a multistate investigation into Cash App’s fraud protection and customer support practices.
    • The settlement requires stronger fraud controls, 24/7 live phone support, improved customer education, and compliance with reimbursement obligations for unauthorized transactions.

    Why it matters: The financial penalty is significant, but the operational changes may matter even more. Regulators are making it clear that fintechs offering bank-like experiences are expected to deliver bank-like protections. As digital wallets become primary financial accounts for millions of consumers, fraud resolution and customer support are becoming competitive necessities rather than compliance checkboxes. The era of prioritizing growth over operational resilience continues to narrow.

    5. Robinhood (HOOD) – Close: $115.11

    • Robinhood Chain’s earliest surge in activity came from memecoin trading, despite being designed primarily for tokenized real-world assets.
    • The rollout reinforces how retail speculation often becomes the first stress test for new blockchain infrastructure.

    Why it matters: The story isn’t really about memecoins. It’s about how new financial infrastructure gains traction. Retail traders consistently become the first users willing to experiment with unfamiliar platforms, creating cash flow long before institutional use cases arrive. For Robinhood, the challenge now is whether infrastructure initially fueled by speculation can mature into a platform capable of supporting tokenized equities and broader financial products. The infrastructure – not the memes – will ultimately determine whether that transition succeeds.

    Posted on

    What Robinhood’s June product blitz was really about

      Weekly 10-Q

      The weekly 10-Q newsletter is part of the Tearsheet Pro subscription, where I unpack the recent moves and strategies of leading banks and fintechs in the public space, coupled with stock market analysis. In your inbox every Friday!

      Message Sara

      What Robinhood’s June product blitz was really about

      The business Robinhood is becoming…

      Robinhood’s story has usually been told through the lens of trading. Every new product ultimately points back to one destination: getting people to buy and sell securities.

      June looked different, though. Within a matter of weeks, Robinhood became an IPO underwriter. It laid off roughly 10% of its workforce to accelerate product development. Days later, it unveiled Robinhood Chain, a blockchain purpose-built for tokenized real-world assets, alongside stock tokens, crypto lending, AI-powered trading accounts, and a broader international expansion.

      This string of announcements points to Robinhood systematically removing the boundaries between investing, banking, payments, capital formation, and blockchain infrastructure. The company is building a platform designed to own more of a customer’s financial life beyond just the moments when they trade.

      That evolution has been underway for years. Robinhood has steadily expanded beyond commission-free investing into retirement accounts, high-yield savings, credit products, wealth management, prediction markets, and family investing. Lending marked one phase of that transition. June’s announcements marked another milestone: building the infrastructure that connects those products into a unified financial ecosystem.

      Moving upstream in financial markets

      …

      subscription wall for TS Pro

      Posted on

      The Week in Market Moves | June 18-25, 2026

      Company signals and market response

      This analysis tracks the top company developments and how markets absorbed them through Thursday’s close, focusing on where shifting narratives translate into price action.

      It is part of Tearsheet PRO’s weekly 10-Q Newsletter, where strategy meets market reaction. I track how leading banks and fintechs are evolving in public markets and how investors are pricing those moves.

      Subscribe to PRO and get the full 10-Q story every Friday!

      1. Green Dot (GDOT) – Close: $13.40

      • Green Dot shareholders approved the sale of Green Dot Bank, paving the way to split its regulated banking and fintech businesses.
      • The deal creates two focused companies: a publicly traded bank under CommerceOne and a privately owned fintech backed by Smith Ventures.

      Why it matters: The move reflects a growing belief that regulated banking and technology businesses no longer thrive under the same operating model. Banks are increasingly optimized for compliance, capital, and risk management, while fintechs compete on speed, software, and product innovation. Green Dot is acknowledging that each business may perform better when allowed to specialize rather than compromise.

      2. American Express (AXP) – Close: $342.46

      • American Express, Mercantile, and the American Bar Association launched a business credit card built specifically for solo lawyers and small law firms.
      • The partnership expands Amex’s push into profession-specific financial products instead of broad SMB offerings.

      Why it matters: Small businesses are becoming too diverse to serve with one-size-fits-all financial products. Rather than targeting SMBs as a single market, issuers are beginning to build around the economics of individual professions. Law firms have distinct cash-flow cycles, operating expenses, and financing needs, making verticalized financial products a more compelling competitive strategy than generic business cards.

      3. J.P. Morgan Chase (JPM) – Close: $335.12

      • J.P. Morgan promoted Doug Petno and Troy Rohrbaugh to co-presidents in its clearest succession move yet beneath CEO Jamie Dimon.
      • The appointments also place each executive in charge of one of the bank’s two largest operating divisions. Petno will become the CEO of the Commercial & Investment Bank (CIB), with Rohrbaugh taking the helm of the Consumer & Community Banking (CCB) business.

      Why it matters: Leadership succession has become a strategic asset for the world’s largest financial institutions. Rather than waiting for a CEO transition, J.P. Morgan is giving potential successors broader operational responsibility years in advance. It signals that institutional continuity is becoming part of a bank’s competitive advantage, particularly as scale makes leadership decisions increasingly consequential.

      4. Alphabet (Goog) – Close: $342.19

      • Google Finance introduced AI-powered portfolio management, investment research, and a dedicated Android app.
      • Users can now upload holdings, ask natural-language investment questions, and receive AI-generated market updates.

      Why it matters: Google is moving AI beyond answering financial questions into continuously monitoring a user’s portfolio. That shifts AI from an information layer to an ongoing financial companion that helps interpret markets, identify risks, and surface opportunities. As these tools become habitual, the interface where consumers check markets could increasingly become the place where financial decisions begin.

      5. NVIDIA (NVDA) – Close: $195.74

      • NVIDIA introduced an AI fraud detection blueprint that uses graph neural networks to uncover relationships between transactions, accounts, devices, and identities instead of evaluating payments in isolation.
      • The system is designed to detect coordinated fraud rings in real time, giving banks the ability to identify organized attacks before payments clear.

      Why it matters: The biggest shift in fraud is that banks are beginning to detect criminal networks rather than individual fraudulent transactions. As fraud grows more organized, transaction-by-transaction scoring leaves too many blind spots. Relationship-based AI changes the unit of analysis from the payment itself to the entire fraud ecosystem, enabling financial institutions to intervene earlier and make real-time fraud prevention more effective.

      Posted on

      PayPal is trimming the parts that don’t fit its new operating model

        Weekly 10-Q

        The weekly 10-Q newsletter is part of the Tearsheet Pro subscription, where I unpack the recent moves and strategies of leading banks and fintechs in the public space, coupled with stock market analysis. In your inbox every Friday!

        Message Sara

        PayPal is trimming the parts that don’t fit its new operating model

        PayPal is narrowing what counts as “core”.

        PayPal is weighing the shutdown of its venture arm, PayPal Ventures. Venture arms usually die for one reason: the parent company no longer believes it can afford ambiguity. And PayPal, right now, is choosing clarity over optionality.

        A company spokesperson said: “As part of our continued efforts to sharpen our focus, we are exploring strategic options for our corporate venture capital arm, PayPal Ventures.”

        “Exploring strategic options” is corporate language for something that is already structurally decided but not yet procedurally executed. According to multiple sources cited in reporting, the internal direction is more definitive than the phrasing suggests: shutdown or partial wind-down, with some positions potentially sold on the secondary market.

        Which brings us to the actual question: Why?

        Because PayPal is shrinking its perimeter of what counts as “core”

        To understand why a venture arm becomes expendable, we have to look at what the company is trying to become.

        …

        subscription wall for TS Pro

        Posted on

        Why Grasshopper wants to own more than your bank account

        A few years ago, the problem was getting startups access to capital. Today, the problem is what to do with the capital they already have.

        Higher interest rates, lingering memories of the regional banking crisis, and growing pressure on finance teams to maximize every dollar have changed how businesses think about cash. That dynamic, in turn, is forcing banks to find ways to keep customer cash from moving off-platform and into higher-yield alternatives.

        Grasshopper Bank’s new treasury management offering, developed with investment advisor Waldo, is the latest example. The product allows businesses to move excess cash into treasury portfolios directly from the bank’s platform rather than sending those funds to brokerages, money market funds, or separate treasury providers.

        This also raises a broader question across business banking: if companies increasingly want banking, cash management, liquidity planning, and investing in one place, where does banking end and treasury management begin?

        I spoke with Rob Burnett, Director of Startup Banking at Grasshopper, about why treasury has become a strategic priority, how startup cash behavior has changed since the banking crisis, and why the next phase of competition among digital banks may revolve around owning the entire cash-management workflow rather than just the checking account.

        Rob Burnett, Director of Startup Banking at Grasshopper

        …


         

        Posted on

        Three regional banks, three different layers of the financial stack

        The most important change in regional banking today is structural. These banks are moving away from a uniform modern banking model and toward specialized roles within the financial stack.

        Across Citizens, Truist, and KeyBank, modernization is increasingly becoming a means to a larger end: repositioning the bank’s role in the financial ecosystem.

        Citizens: The operating system bank

        At Citizens, modernization is increasingly treated as part of the operating fabric rather than a discrete program.

        Michael Ruttledge, the bank’s CIO, described a shift that is less about adopting new technologies than about removing legacy constraints. The bank has migrated its business applications to AWS and Azure and is in the process of decommissioning its remaining data centers.

        “We’re the only super regional bank that is completely in the cloud,” Ruttledge said.

        But the cloud transition is only one layer of a broader restructuring effort. Citizens’ “Next Gen Technology” initiative brings together DevSecOps practices, API-based architecture, workforce reskilling, mainframe retirement, and efforts to strengthen core system resilience.

        Within that framework, the bank now has more than 70 AI use cases in progress across areas such as underwriting, software development, and internal operations.

        …

        Posted on

        What Klarna, Coinbase, and Chase are building next

          Weekly 10-Q

          The weekly 10-Q newsletter is part of the Tearsheet Pro subscription, where I unpack the recent moves and strategies of leading banks and fintechs in the public space, coupled with stock market analysis. In your inbox every Friday!

          Message Sara

          What Klarna, Coinbase, and Chase are building next

          Klarna, Coinbase, and Chase and the business of moving closer to the customer.

          This week saw Klarna move deeper into deposits, Coinbase using stablecoins to re-engineer credit access, and Chase building intelligence layers around small business decision-making. 

          These moves offer a snapshot of how financial firms are searching for growth beyond the boundaries that originally defined them.

          Klarna: Turning spending behavior into a deposit engine

          Klarna has launched a US high-yield savings account in its app. This is the next step in a longer shift of treating spending and saving as a single behavioral system.

          The accounts -– FDIC-insured through WebBank, with no minimums, no fees, and yields above 3% APY -– place Klarna directly inside the deposit economy. “The average American earns less than half a percent on their savings, not because better options don’t exist, but because their bank hasn’t had to compete,” said Sebastian Siemiatkowski, CEO and co-founder of Klarna.

          …

          subscription wall for TS Pro