Latest Headlines

Latest Headlines

Marketplace lending pioneer Prosper cuts more than a quarter of staff

Prosper Marketplace Inc., one of the largest consumer marketplace lending platforms, is cutting approximately 28 percent of its workforce. CEO Aaron Vermut will forgo his salary this year as part of the cost reduction effort.

Blythe Masters' Digital Asset Holdings reportedly struggles to complete major funding

Digital Asset Holdings, the blockchain technology firm headed by former JPMorgan executive Blythe Masters may be struggling to complete a major funding round, according to reports. The company is reportedly looking to complete a $35 million funding round that would value the company at $100 million.

Citi creates smartphone-centric banking unit

Citigroup is establishing a new unit focused on mobile banking known as Citi FinTech. Heather Cox, previously chief client experience, digital and marketing officer for consumer banking, will lead the unit. It is expected to launch in the fourth quarter of 2016.

Citi closes all branches in Massachusetts to focus on digital channels

Citigroup will close all its retail banking operations in the state of Massachusetts in January as it reallocates resources to digital channels. The move means 17 branches in and around Boston will be shut.  

First suit by fired FX trader alleges sharing confidential client information was common at Citigroup

A former Citigroup foreign exchange trader, fired for allegedly sharing confidential client information in chat rooms, is defending himself in court with examples of how the practices he was fired for were commonplace. The suit is the first of several expected lawsuits filed by fired FX traders against their former employers, and it is shedding new light on firms' management and control of client information.  

Citi plans to revamp trading technology, expand research as part of push to grow equities unit

Citigroup plans to overhaul its trading technology as part of a plan to rebuild its equities trading unit. Other parts of the rebuilding strategy include expanding research, hiring key executives and increasing the unit's financing.  

Citi tests 3 blockchains and its own cryptocurrency

Citigroup is reportedly testing its own bitcoin-like cryptocurrency, as well as three separate systems that deploy blockchain distributed ledger technology, according to International Business Times....

Prosecutors find Citi's Banamex USA ignored emails of AML problems

U.S. Justice Department prosecutors investigating potential lapses in the anti-money laundering controls at Citigroup's Banamex USA have uncovered emailed warnings about AML problems that went...

Morgan Stanley sees digital wealth management tools as next engines for growth

Morgan Stanley sees digital tools as engines for growth for the firm and expects new cash management and payments tools to help the firm deepen relationships with wealth management customers, Morgan Stanley CFO Jonathan Pruzan said last week at the Morgan Stanley U.S. Financials Conference in New York City.

Citigroup to close Banamex USA over lax AML oversight

A history of poor anti-money laundering controls is reportedly causing Citigroup to close its Banamex USA subsidiary, the Wall Street Journal first reported on Sunday. Regulators aren't demanding...