The largest U.S. banks cut a total of more than 5,000 jobs during the first quarter. They did so to control costs during an uncertain economic climate in which investors are unsure if the Federal Reserve will cut interest rates later this year, Reuters reported Tuesday (April 16). Citigroup...
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too. ...
In recent months, business development companies (BDCs) have witnessed a surge in valuations, prompting several firms to opt for public offerings. BDCs, which are private lenders that primarily provide loans to small- to medium-sized businesses (SMBs), have experienced a notable increase in public offerings after...
July 25, 2023
Generative artificial intelligence (AI) has quickly become one of the most important topics of our time, and global banks are beginning to explore the possibilities of the technology so as not to miss out on the impact it is poised to have on the financial services sector. Citi CEO Jane Fraser recently expressed the importance of banks […]
February 24, 2020
Two deals this past week shone a spotlight on the lure of financial services — done digitally — and the “build vs. buy” debate, settled firmly on the side of...
April 15, 2019
Shadow banking now has $52 trillion in assets under its belt. FinTech firms are crowding financial services’ flanks, looking for customers who crave mobile means of managing their financial lives....
August 16, 2017
Urban FT has launched a bid for struggling mobile money firm Digiliti. To get a sense of the strategy behind the deal, Karen Webster got an exclusive first look with Urban FT's CEO Richard Steggall about...
April 30, 2024
Canada’s Scotiabank has a new CEO for its global banking and markets (GBM) business. Travis Machen, who joins the bank from Morgan Stanley, is set to take on his new position on May 6, Scotiabank announced in a Monday (April 29) news release. “In this role, Mr. Machen will be responsible for leading the execution of a global banking […]
April 16, 2024
The largest U.S. banks cut a total of more than 5,000 jobs during the first quarter. They did so to control costs during an uncertain economic climate in which investors...
April 11, 2024
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the...
January 18, 2024
In recent months, business development companies (BDCs) have witnessed a surge in valuations, prompting several firms to opt for public offerings. BDCs, which are private lenders that primarily provide loans...
