State Street Corporation announced executive level role changes in its IT department Thursday in order to put the leadership team in place to manage the firm's digital transformation. The Boston-based firm last month announced a multi-year plan to generate $500 million in annualized savings through completing a transition to an integrated digital architecture.
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.
Saxo Markets, the institutional division of Saxo Bank Group, is white labeling its next generation multi-asset trading platform using open application programming interface technology. By using open API technology to white label the platform, called SaxoTraderGO, clients will be able to customize the platform or leverage it to further develop additional applications and services.
IBM is positioning itself to support what it sees as growing interest in the use of application programming interfaces (APIs) to effect digital transformation in the banking industry. The Armonk, NY-based technology firm announced last week that it was launching a new tool for API developers, called API Harmony, and partnering with non-profit banking standards organization the Banking Architecture Industry Network (BIAN) to facilitate the development and use of API standard in banking.
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.
Deutsche Bank plans to materially overhaul its IT infrastructure as part of a series of measures to return to profitability. The bank views its IT overhaul as a key tenet of its future vision, along with plans to exit 10 countries and significantly shrink its workforce, laying off 9,000 workers, 6,000 external contractors as well as thousands of others whose jobs will be eliminated through sales of businesses.
As part of the large restructuring effort that Credit Suisse hopes will help it cut 3.5 billion Swiss francs in cost by the end of 2018, middle- and back-office platforms will be streamlined and back office teams are likely to be moved offshore, the company announced on Wednesday.
ING tapped Georgia-based online lending platform Kabbage Inc. to provide instant funding of up to 100,000 euros to small businesses in Spain, the companies announced Wednesday. The partnership between ING and Kabbage represents the first global bank to leverage the Kabbage Platform.
In announcing its major restructuring, which will split the firm's investment bank into two units, involve the departure of several top executives and the reshuffling of responsibilities for nearly a dozen more, Deutsche Bank also revealed a new approach to technology.
About two years ago, looking for a way to modernize aspects of its architecture, PNC Bank joined the Banking Industry Architecture Network (BIAN), a non-profit group looking to reduce integration cost for banks through the creation of consistent service definitions in a service oriented architecture.