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..."
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.
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..."
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…"
UBS
UBS continues to slash Credit Suisse applications, as CTO touts swift migration of 50,000 email addresses
“The target operating model is UBS. The IT that we choose is UBS… It doesn't mean that necessarily all the time the UBS technology and target operating model is the right one. But it is the one that we can execute faster…”
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“Seriously out of date” software hampering BoE forecasting: Bernanke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.
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..."
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...