Banking

A collection of 62 posts

Banking

Bank of America plans $4 billion "technology initiatives" spend

"AI has moved from cost-savings ideas to enhancing the quality of our customer interactions" says CEO.

CIO

BNY poaches BP's Leigh-Ann Russell as new CIO -- eyes sustained modernisation

CEO Robin Vince earlier cautioned BNY had "operated in a way that was vertically integrated and became siloed..."

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CTO

JPMorgan’s new global CTO Sri Shivananda joins a company in transformation

Thanks to Artificial Intelligence and $17 billion on technology spending annually, it will not be the same when he leaves.

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natwest

Natwest launches new RAG chatbot pilot

Cloud-based ChatGPT 3.5 turbo as the underlying model, with NeuralSeek-powered RAG in support.

Monzo

Monzo finally turns a profit, ramps up tech spend £18.5m

The challenger bank has made big investments in tech and is committed to building its own native systems to own every part of its stack

Banking

A Citi popup showed a trader 711 alerts: They clicked it away –  and generated $196 billion in trading orders by mistake

90% of controls on one trading desk were manual and key processes including trade pricing were "conducted manually, predominantly, in Excel spreadsheets..."

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Wells Fargo

“I need to always have levers” – Wells Fargo’s platform chief

"One of the things in particular I'm looking at right now is a large competitor of yours. It presents a little bit of a risk…"

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UBS

UBS continues to slash Credit Suisse applications, as CTO touts swift migration of 50,000 email addresses

Bank of England

“Seriously out of date” software hampering BoE forecasting: Bernanke

“Increasingly complex and ad hoc software patches needed to deal with emerging problems and inconsistencies in the forecasting process” says former Fed chairman.

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HSBC

HSBC shakes up technology governance, plans new NED-led Board committee

"We continue to upgrade many of our IT systems and are transforming how software solutions are developed..."

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Bank of England

Bank of England's tech overhaul: 'Open Sesame' or more friction?

Proposed changes for account onboarding front-load compliance burden, even as technology gets slicker...

Sponsored

Banks are sitting on a data goldmine: Firstly though, they need to unlock it...

Stored procedures in Sybase-based applications that have become a "humungous monster" do not make that easy. One banking multinational is testing the switch to MongoDB...

Citi

Citi retires 6% of its legacy applications – and 20,000 people

People take the hit to offset huge spending on tech, risk.

banks

Banks need to do better on operational resilience: Basel

"There is still work to do on developing appropriate business continuity and contingency plans and exit procedures where third parties provide critical operations"

ransomware

World’s Biggest Bank hacked: ICBC may have failed to patch "Citrix Bleed" vulnerability

Courier dispatched with a USB stick carrying trade settlement details after systems disrupted...

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Banking

Endgame! Basel III rules put banking bosses on edge – IT impact also looms for CTOs

Rules demand "a significant uplift in terms of new data sourcing... IT leadership will need to carefully manage cultural and technical integration between internal risk and compliance teams"

Banking

Goldman Sachs stung as it dumps fintech, commercial real estate losses mount

Commercial real estate losses show scale of "remote work" damage on CRE area.

banks

Metro Bank wins a lifeline, but for how long?

Efficient at IT, but not much else looks hugely attractive

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Citi

Citi appoints co-CIOs, as CEO says deep restructuring will make “some of our people very uncomfortable”

"We will focus on simplifying how we work"

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QKD

HSBC joins BT, Toshiba's commercial Quantum Key Distribution network - but beware hackers with lasers

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banks

Banks’ IT spending in 2023 to hit $652 billion: Here's what some Big Spenders are focusing on...

From Citi's $1 billion "fat finger" and regulatory intervention driving a massive compliance overhaul, to major cloud migrations, spending continues at scale...

Banking

HMG eyes £800 million new Open Banking framework

HMG makes a lot of payments: The Department for Work and Pensions alone makes 2.5 million+ daily that are worth £3.7 billion per week.

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JPMorgan

JPMorgan's technology spend to hit $15.3 billion as storage, compute volumes surge

A major application modernisation programme continues through a mix of refactoring, SaaS replacement and legacy decommissioning – with 2,500 decommissioned since 2017...

Enterprise IT

This retail bank has drawn a huge flurry of new users. Here’s why.

The retail banking market has heated up hugely in the UK in recent years, with the rise of digital-native banks like Monzo and Starling winning awards and customers – over seven million, three million respectively.) They hit the market with minimal technology debt, having built new stacks from the ground up,

Enterprise IT

ex-TSB CIO first IT leader fined under senior managers regime

"A gap in the control environment which was proving difficult to close..."