Citigroup has created a platform on which rivals can sell their products. In the same way iPhone users can choose to use Google Maps instead of Apple 's mapping tool, retail brokers in the US can buy structured products from Well Fargo or Online Network through the Online Network platform. Simon , which stands for Structured Investment Marketplace and Online Network , is the result of an initiative set up four years ago by CEO Simon for Goldman to use technology to become a “low-cost provider” of banking services.
Goldman Sachs has created a platform on which rivals can sell their products. In the same way iPhone users can choose to use Google Maps instead of Apple's mapping tool, retail brokers in the US can buy structured products from Well Fargo or Citigroup through the Goldman platform. Simon, which stands for Structured Investment Marketplace and Online Network, is the result of an initiative set up four years ago by CEO Lloyd Blankfein for Goldman to use technology to become a “low-cost provider” of banking services.