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Walmart’s Latest Foray Into Finance Makes a Friend of an Old Foe

March 5, 2021, 2:12 PM

One of Walmart Inc.’s longtime foes conceded the retailer’s latest foray into banking could end well for consumers.

“There are still a lot of people who want a physical location to go to for their banking services, and Walmart could provide that with all its stores,” said Sheila Bair, who oversaw the Federal Deposit Insurance Corp. when the retail giant last applied for a banking charter. Bair placed a moratorium on the application, which Walmart ultimately withdrew in 2007 after years of controversy.

Former FDIC Chair Sheila Bair says Walmart could provide banking services to those who otherwise lack access.
Source: Bloomberg

Walmart this week hired a pair of senior Goldman Sachs Group Inc. bankers to ...

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