Standard Chartered's massive restructuring plan will include significant technology investments in digital banking and compliance automation. The restructuring, which will include 15,000 job cuts over the next three years, came after the bank posted a pre-tax loss of $139 million for the third quarter, compared to a profit of $1.5 billion for the same period last year.
Bank of America Merrill Lynch may unveil its own in-house developed robo-advisory offering as early as next year. The firm has reportedly assigned dozens of employees to work on an automated investment prototype for Merrill Edge that targets accounts of under $250,000, according to Bloomberg.
In the search for alpha, asset managers are finding that the automated and quantitative trading strategies they increasingly rely on are portable--into new asset classes and new geographies.
POPULAR COMMENT THREADS
Founded in 2013, the OpenPOWER Foundation is an open technical membership organization that IBM hopes will enable data centers to rethink their approach to technology. Members are encouraged to customize IBM POWER CPU processors and system platforms for their business needs.
Anti-money laundering requirements can be costly and challenging to implement in general. In the correspondent banking world, the challenge can be magnified by multiple additional layers of complexity. This complexity has prompted some banks to pull back from correspondent banking, a recent PwC report argues, creating a new phenomenon in the correspondent banking world known as de-risking.
In an effort to better protect aging clients who may have diminished capacity, Fidelity is partnering with technology provider EverSafe for enhanced identity theft protection and activity monitoring.
The banking industry has become accustomed to the term peer-to-peer lending, but a 4-year-old company is seizing an opportunity to apply the peer-to-peer concept to another piece of banking: international money transfers. TransferWise, has created what is essentially an automated global matching platform for international money transfer, and is now supporting money transfers in more than 400 currency pairs.
Diebold's $1.8 billion acquisition of German rival Wincor Nixdorf will create the world's largest ATM maker. But in combining, the two companies highlighted their shared vision for software and services and their joint research and development expertise more than their combined ATM might.
Genpact taps RAGE to integrate artificial intelligence into risk and middle- and back-office functions
Fintech provider Genpact, whose Lean Digital platform streamlines and automates middle and back offices for financial firms, will partner with RAGE Frameworks to add the power of artificial intelligence to bank processes.
From Our Sister Sites
7 out of 10 midsize and large companies still use spreadsheets for planning.
Capital requirements and leverage restrictions constrained and changed acquisition financing last year, a Wachtell, Lipton, Rosen & Katz partner wrote. In 2015, expect more of the same.