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Goldman Sachs and BofA Vie for Anthropic’s business
Economy
Major Wall Street banks are competing for the right to manage the wealth of Anthropic PBC employees following the company's planned initial public offering (IPO).
Goldman Sachs Group Inc. (NYSE: GS), Bank of America Corp. (NYSE: BAC), Bank of New York Mellon Corp.’s (NYSE: BK) wealth management unit, JPMorgan Chase & Co. (NYSE: JPM), and Wells Fargo & Co. (NYSE: WFC) are competing to manage the wealth of Anthropic PBC employees ahead of the AI company’s IPO, Bloomberg reports.
The banks have held talks with Anthropic, which intends to provide its staff with a list of financial advisors to help manage the proceeds expected from the share offering. The developer of the AI assistant Claude has asked financial institutions to present their wealth management services and disclose details regarding fees, service offerings, and other operational aspects.
Smaller boutique and advisory firms have also responded to the request for information sent out by Anthropic in recent weeks. The competition extends beyond the battle among banks to lead the IPO itself.
Anthropic is expected to raise an amount comparable to or exceeding SpaceX’s $86.2 billion valuation when it goes public in the coming weeks. The offering is set to generate significant wealth for the company's employees, who may require assistance managing the resulting funds.
Wall Street banks regularly compete to serve employees of major tech companies who have amassed wealth following an IPO. Anthropic’s listing represents another opportunity for wealth management divisions to expand their client base with Silicon Valley professionals.