“SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionize consumer finance and build a next-generation financial services company,” Mr. Noto suggested on Tuesday that he planned to pick up where Mr. Cagney’s departure, though, SoFi significantly trimmed its ambitions, pulling back its application to get a bank charter. SoFi began by refinancing the loans of elite students, but the company then expanded into personal loans, insurance and wealth management, and was making several moves to turn into more of a full-service bank.Īfter Mr. Cagney turned it into one of the few breakout stars among the thousands of so-called fintech start-ups trying to disrupt the financial industry. He has recently been leading the company’s interactions with investors and its marketing as well as its revenue-generating efforts, especially with its moves into live video.Īfter cofounding SoFi in 2011, Mr. Noto has been perhaps the most trusted deputy to the company’s chief executive, Jack Dorsey, and has taken on several additional roles. Noto, 49, was one of the most respected bankers at Goldman Sachs before becoming the chief financial officer of the National Football League and then Twitter. Noto, SoFi has chosen a fast-rising executive in the tech industry. Cagney was accused in a lawsuit of having had inappropriate relationships with company employees and questioned over whether he had skirted risk and compliance controls. Noto’s hiring on Tuesday, just four months after Mike Cagney was forced to step down as its chief executive because of sexual harassment claims. Social Finance, known as SoFi, announced Mr. SAN FRANCISCO - The embattled online lender Social Finance has poached Twitter’s chief operating officer, Anthony Noto, to be its new chief executive, dealing a blow to Twitter’s turnaround campaign.
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