How a Wall Street titan issued a storm warning for BNPL
Zip boss Larry Diamond was put on notice about the expansionary mindset that had driven the export of buy now, pay later from Australia to the rest of the world.
On a cloudy New York morning last October, Larry Diamond made his way up to the 42nd floor of Morgan Stanley’s headquarters near Times Square.
With former treasurer and US ambassador Joe Hockey by his side, the 40-year-old co-founder of Zip Co walked along a corridor where portraits of America’s captains of industry lined the Mahogany-panelled walls. He was there to meet another Australian, and another finance chief executive, but one that had reigned over Wall Street for longer than a decade.
James EyersSenior ReporterJames Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
