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Capital One enters enterprise B2B software, new data management SaaS

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Re: Capital One enters enterprise B2B software, new data management SaaS

#31

Post by PicardsFlute »

toomuchtodo wrote: post #14
PaulsWallet wrote: post #5

Surprising that a bank is going in this direction but not surprising that it was Capital One. They have historically been pretty technology forward in comparison to other US banks. They are one of the only US banks that provide pretty pain-free APIs to the public.

Don’t let the marketing budget fool you. They’re a subprime lender wrapped in the veneer of a fintech while being a closeted sweatshop. A large proportion of their engineering team used to be H1Bs about 5-7 years ago, unsure if that’s still the case with quotas shrinking recently. https://newrepublic.com/article/155212/worked-capital-one-fi...

I didn't work at Capital One, but this sounds familiar to what I saw working at another big bank that I will not name. An entire division basically got laid off with a select few people being "promoted" to "Principal Engineer" (more work without pay raise) and they replaced everyone else with contractors. It did not go well. Last I remember, the exec they pulled in that spearheaded this reorg left after only being in that position for a year or so.

I do not miss working there.

Re: Capital One enters enterprise B2B software, new data management SaaS

#32

Post by tomrod »

jcims wrote: post #17
cj wrote: post #3

Here’s a direct link to Capital One Software: https://www.capitalone.com/software/ And a link to the first product they launched, “Slingshot”: https://www.capitalone.com/software/solutions/ Essentially it sounds like Capital One is taking some of their internal tooling and starting to sell it, starting with their tooling for managing Snowflake instances.

I've been out of consulting for 7 years now, so I don't know how widespread or old the trend is, but I'm seeing a lot of banks moving to a product operating model for their internal/backend software. The last place I worked had been at it for a couple of years and there were a few teams that really ran with it. At some point why not turn them into a profit center?

Allegedly, Rocket Mortgage was built on top of an internal project + lessons learned for another large bank. One could argue that was a very specific example of the general trend you're discussing.

Re: Capital One enters enterprise B2B software, new data management SaaS

#33

Post by O__________O »

kochbeck wrote: post #27

Well… I read it. And I’ve gotta say, that sounds like a blatant violation of Regulation Y, the requirement that bank holding companies engage only in, “The business of banking.” There are lots and lots of activities that fall under that umbrella, but enterprise B2B software sales isn’t one of them. CapOne may be too big to fail, but it’s not too big to receive a C

>> “ Regulation Y also describes transactions for which bank holding companies must seek and receive the Federal Reserve’s approval.”

My reading of Reg Y is if Capital One got approval from the Fed, it’s fine for them as a bank holding company to engage in a nonbanking activity. Am I missing something?

___________

Source:

https://www.frbsf.org/banking/regulation/regulations-policie...

Re: Capital One enters enterprise B2B software, new data management SaaS

#34

Post by xkqd »

toomuchtodo wrote: post #14
PaulsWallet wrote: post #5

Surprising that a bank is going in this direction but not surprising that it was Capital One. They have historically been pretty technology forward in comparison to other US banks. They are one of the only US banks that provide pretty pain-free APIs to the public.

Don’t let the marketing budget fool you. They’re a subprime lender wrapped in the veneer of a fintech while being a closeted sweatshop. A large proportion of their engineering team used to be H1Bs about 5-7 years ago, unsure if that’s still the case with quotas shrinking recently. https://newrepublic.com/article/155212/worked-capital-one-fi...

Sweatshop is right. I remember a dude joking that after project end, one of the new dads would finally be able to meet his kid. Maybe it's the stacked ranking.

All of the FTEs were super bright but realized that if they were going to be worked like dogs, they'd rather be at FAANG making twice as much. Even then, some expats told me their letters were more laid back.

Re: Capital One enters enterprise B2B software, new data management SaaS

#35

Post by xkqd »

3a2d29 wrote: post #19
toomuchtodo wrote: post #14

Earlier quoted context omitted.

Don’t let the marketing budget fool you. They’re a subprime lender wrapped in the veneer of a fintech while being a closeted sweatshop. A large proportion of their engineering team used to be H1Bs about 5-7 years ago, unsure if that’s still the case with quotas shrinking recently. https://newrepublic.com/article/155212/worked-capital-one-fi...

I know a friend who got a job there. Many teams do not do any coding at all. Like most banks they have automated away all the programming and have little need for new tech.

Depending on when your pal worked there, they were in the middle of a huge standardization process. I'm not sure what's going on there anymore, but they made a company wide effort to only use a single infra framework that handles deployments, testing, infra, and all kinds of other stuff. All the fun stuff has been farmed out to a few enterprise teams and everyone else was forced to shut down anything custom.

Re: Capital One enters enterprise B2B software, new data management SaaS

#36

Post by selimthegrim »

xkqd wrote: post #34
toomuchtodo wrote: post #14

Earlier quoted context omitted.

Don’t let the marketing budget fool you. They’re a subprime lender wrapped in the veneer of a fintech while being a closeted sweatshop. A large proportion of their engineering team used to be H1Bs about 5-7 years ago, unsure if that’s still the case with quotas shrinking recently. https://newrepublic.com/article/155212/worked-capital-one-fi...

Sweatshop is right. I remember a dude joking that after project end, one of the new dads would finally be able to meet his kid. Maybe it's the stacked ranking. All of the FTEs were super bright but realized that if they were going to be worked like dogs, they'd rather be at FAANG making twice as much. Even then, some expats told me their letters were more laid back.

Their letters?

Re: Capital One enters enterprise B2B software, new data management SaaS

#37

Post by password4321 »

toomuchtodo wrote: post #14
PaulsWallet wrote: post #5

Surprising that a bank is going in this direction but not surprising that it was Capital One. They have historically been pretty technology forward in comparison to other US banks. They are one of the only US banks that provide pretty pain-free APIs to the public.

Don’t let the marketing budget fool you. They’re a subprime lender wrapped in the veneer of a fintech while being a closeted sweatshop. A large proportion of their engineering team used to be H1Bs about 5-7 years ago, unsure if that’s still the case with quotas shrinking recently. https://newrepublic.com/article/155212/worked-capital-one-fi...

The Citigroup hiring discussion 2 months ago confirmed that working for a bank is terri-bad:

https://news.ycombinator.com/item?id=31648636

Re: Capital One enters enterprise B2B software, new data management SaaS

#38

Post by 3a2d29 »

xkqd wrote: post #35
3a2d29 wrote: post #19

Earlier quoted context omitted.

I know a friend who got a job there. Many teams do not do any coding at all. Like most banks they have automated away all the programming and have little need for new tech.

Depending on when your pal worked there, they were in the middle of a huge standardization process. I'm not sure what's going on there anymore, but they made a company wide effort to only use a single infra framework that handles deployments, testing, infra, and all kinds of other stuff. All the fun stuff has been farmed out to a few enterprise teams and everyone else was forced to shut down anything custom.

Friend currently works there and has worked their for a year. A year of no coding sounds rough, but I guess he isn't jumping cause he is worried about the pending recession.

Re: Capital One enters enterprise B2B software, new data management SaaS

#39

Post by no_one_ever »

selimthegrim wrote: post #36
xkqd wrote: post #34

Earlier quoted context omitted.

Sweatshop is right. I remember a dude joking that after project end, one of the new dads would finally be able to meet his kid. Maybe it's the stacked ranking. All of the FTEs were super bright but realized that if they were going to be worked like dogs, they'd rather be at FAANG making twice as much. Even then, some expats told me their letters were more laid back.

Their letters?

letters of FAANG, meaning their jobs that paid more were more laid-back

Re: Capital One enters enterprise B2B software, new data management SaaS

#40

Post by m4jor »

bernf wrote: post #25
m4jor wrote: post #16

Earlier quoted context omitted.

The hacker, Paige A. Thompson a/k/a/ erratic, was a former AWS engineer who abused her access to download the CapitalOne data along with 30 other companies data. Insider attacks are so deadly. On top of her having insider access, she is mentally ill (hence her fitting online moniker) so that doesn't help any. She was long known about in the hacking scene before the hack. Very aggressive and rude online behavior. She…

You have no idea what you're talking about, there was no "insider attack" she had scripts the equivalent of a web scraper/sniffer.

I know what I'm talking about as I used to unfortunately hang out in the same IRC servers that she did (l0de radio).

Her working at AWS (where she was fired from) let her know exactly how and what to target in order to steal the data she was able to find and obtain. She had prior knowledge on what companies to snoop. I'd say thats using insider info to your benefit. Yes there are also common scripts that bug bounty H1 and Bugcrowd users use to pwn S3 buckets.

she also did was into cryptomining on hacked servers

>Ms. Thompson also used her access to Capital One’s servers to mine cryptocurrency

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