Getting the latest record when using mysql group by

Question

I need to get the most recently updated distinct records of people.

ID           Name           Balance         Last Update
-------      -------        -------         -------
1            John           2500            2020-09-10
2            Ali            3900            2020-09-12
3            Steve          2000            2020-09-17
4            Ali            4500            2020-09-17

I need to get a list of unique Names with their most recently updated balance.

I am using Laravel and have tried the following:

DB::table('latest_balances AS s')
->orderBy('s.id', 'DESC')
->groupBy('name');

I get a list of unique names but it doesnt get the updated balance for Ali.

I need the following:

ID           Name           Balance         Last Update
-------      -------        -------         -------
1            John           2500            2020-09-10
3            Steve          2000            2020-09-17
4            Ali            4500            2020-09-17

Any help would be appreciated.