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☆ Companies Hesitate on Specialized Industry Clouds
▼ + stars: | 2023-11-21 | by ( Isabelle Bousquette | ) www.wsj.com time to read: 1 min

Daniel Seay, CIO of Fifth Third Bank’s commercial bank division, says he hasn’t seen a ’catalyst’ for using a banking-specific cloud. Photo: Stephen Zenner/Zuma PressCloud platforms specialized for given industries are off to a slow start, with some companies saying they simply don’t need them, thanks to existing software and their own customizations. “There hasn’t been a catalyst to say, ‘I’m gonna go with an industry-specific cloud’,” said Daniel Seay , chief information officer of Fifth Third Bank’s commercial bank division. “I can use my private cloud or I can use one of the hyperscalers along with another software firm and meet my needs in a more cost-effective, proven way at this point.” (Hyperscalers refers to the largest cloud companies, among them, AWS, Microsoft Azure and Google Cloud.)

Persons: Daniel Seay, Stephen Zenner, hasn’t, I’m, ” Organizations: Zuma, Microsoft, Google

☆ Russia's VTB in Europe changes name as it liquidates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Before Russia invaded Ukraine, VTB in Europe attracted tens of thousands of German savers with its relatively high interest rates and marketed itself as a sponsor of Frankfurt's ice hockey team, the Lions. But after the war began, savers withdrew their money, resulting in a bank run and prompting regulators to manage the outflow. VTB in Russia did not immediately respond to requests for comment. The Direktbank division that served retail savers has closed with its last customer - who used VTB for a deposit for a garden shed.

Persons: Majid Asgaripour, Russia's, Frank Hellwig, VTB, Hellwig, Miro Zadro, Tom Sims, John O'Donnell, Alexander Marrow, Barbara Lewis Organizations: West Asia News Agency, REUTERS, Rights, Reuters, Lions, savers, Thomson Locations: Tehran, Iran, Frankfurt, Europe, Russia, Ukraine, VTB, Ost, West

[1/2] The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. Its net income jumped 33% to 1.75 billion euros ($1.87 billion), above the 1.37 billion expected by analysts in a company-compiled poll. Group revenue rose 19% to 6.34 billion euros, topping the 5.99 billion expected by analysts. It reported lower-than-expected provisions of 429 million euros, helping its bottom line. Credit Agricole controls Europe's largest fund manager Amundi (AMUN.PA) and recently announced plans to acquire Belgian wealth management firm Degroof Petercam.

Persons: Marcin Goclowski, Morgan, Amundi, Degroof, Mathieu Rosemain, Augustin Turpin, Silvia Aloisi, Jason Neely Organizations: Credit Agricole, REUTERS, Credit, Credit Agricole Group, Societe Generale, BNP, Deutsche Bank, Barclays, Thomson Locations: Credit, Warsaw, Poland, PARIS, Italy, France

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

☆ How Bank of America trains young grads to work with its richest clients
▼ + stars: | 2023-10-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The private bank division, which has $573 billion in client assets, hired 47 analysts this past summer, up 75% from last year. "That's been feedback from years past," said Miller, who oversees talent development for the private bank. Analysts start client-facing work after five weeks of trainingPrivate bank trainees start with a five-week orientation. The last three weeks focus on the operations of the private bank, and executive leaders come in to meet the analysts. For the first rotation, analysts shadow top private bank advisors.

Persons: isn't, Bank of America's Jennifer Loughlin Miller, Miller, John F, headcount, It's Organizations: of America, Bank of America, Bank of America's, Kennedy Presidential Library, Bank of Locations: New York City, Boston

☆ Credit card growth and a deals uptick lead to Morgan Stanley upgrade for this bank
▼ + stars: | 2023-09-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Barclays is a good pick as the U.S. consumer business receives fair recognition and investment banking picks up, according to Morgan Stanley. Analyst Alvaro Serrano upgraded shares of the bank, which trade in London, to overweight from equal weight. The bank's U.S.-listed shares trade under the ticker BCS. Serrano said Barclays is "quietly gaining more scale" in the U.S. credit card business, which can improve its profitability gap compared with competitors. While the cards and investment banking business have low multiples, Serrano said that the earnings upgrades will ultimately push the stock higher.

Persons: Morgan Stanley, Alvaro Serrano, Serrano, — CNBC's Michael Bloom Organizations: Barclays Locations: London, U.S, United Kingdom

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsSEOUL, Sept 15 (Reuters) - South Korea is reviewing measures to limit currency and swap traders' tenure in local dealing rooms to three to five years, starting as early as next year, two sources with direct knowledge of the matter told Reuters on Friday. "The FSS is in the process of finalizing the measures by collecting views from the bankers' federation." Money managers at local banks are fiercely opposing the move, as fraud checks are already rigorously done in their daily operations through middle- and back offices. Foreign banks with local branches will not be subject to enforcement on staffer rotations. The move could be in effect around the time the country's onshore currency market will be extended to 2 a.m. local time, or the end of London business day.

Persons: Thomas White, we're, Cynthia Kim, Kim Coghill Organizations: South, REUTERS, Rights, Reuters, Woori Bank, Financial Supervisory Service, Korean, Thomson Locations: South Korea, Rights SEOUL, London

☆ Barclays plans hundreds of job cuts in trading, investment bank units, Bloomberg reports
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: 1 min

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls Acquire Licensing RightsSept 8 (Reuters) - Barclays Plc (BARC.L) is planning to cut hundreds of jobs across its trading and investment bank divisions, Bloomberg News reported on Friday, citing people familiar with the matter. The report added that the British lending group is planning to remove about 5% of client-facing staff in the trading division along with some dealmakers globally, as well as restructure teams within its UK consumer-banking unit. Reporting by Amna Karimi in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Amna, Maju Samuel Organizations: Barclays Bank, REUTERS, Barclays Plc, Bloomberg, Thomson Locations: London, Britain, Bengaluru

☆ Jeffrey Epstein withdrew up to $80,000 in cash 'several times a month' while he paid girls for 'massages,' court filings say
▼ + stars: | 2023-07-25 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +9 min

At the time, there were reports that he paid cash to girls for "massages" — a code word for sex. When asked about the large withdrawals, Epstein said he needed to pay for jet fuel. JPMorgan's private bank has a policy to "discourage" large cash deposits and spending. Bankers, according to an excerpt of the guidelines filed in court Tuesday morning, are responsible for getting clients to explain their large cash withdrawals. "Issue is he really never stopped the large cash withdrawals," a compliance officer wrote then.

Persons: Jeffrey Epstein, Epstein, Morgan, Jeffrey Epstein's, James, Emily Michot, Ghislaine Maxwell, sexualized massages, Glenn Dubin, Sergey Brin, Bill Gates, Leon Black, Larry Summers, Prince Andrew, Ehud Barak, Thomas Pritzker, Benjamin Netanyahu, JPMorgan, Alexander Acosta, Mr, John Duffy, Mary Erdoes, Erdoes, Duffy Organizations: JPMorgan, Morning, JPMorgan Chase, Private Bank, Banker, Islands, US Virgin Islands, U.S ., Miami Herald, Tribune, Service, Getty, Virgin Islands, police, US, Office, Southern, of Locations: Little St, U.S, U.S . Virgin Islands, Palm Beach, Sultan, Dubai, Prince, Florida, of New York

☆ What layoffs? JPMorgan Chase is growing headcount in every division despite a dealmaking drought and possible economic slowdown.
▼ + stars: | 2023-07-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street has suffered severe layoffs amid a dealmaking drought and shaky economic outlook. Headcount is up in every division, not including thousands of First Republic employees onboarded in July. Jobs have grown in every division despite the non-stop news about industry layoffs (think Goldman) and consolidation (think Credit Suisse). It has also cut about 40 high-paying investment banking jobs, and about 1,000 jobs from its home lending unit. The bank also beat Wall Street's expectations and has again become a challenger to Goldman Sachs' spot as No.

Persons: JPMorgan Chase, Jobs, Goldman, It's, headcount, Goldman Sachs, Morgan Stanley, May, JPM, Jamie Dimon, JPMorgan's, Jeremy Barnum Organizations: JPMorgan, First Republic, onboarded, Suisse, JPMorgan Headcount, Bank Division, Consumer, Community Bank, Investment Bank, Bank, Wealth Management, First, Republic, Wall, Credit Suisse, UBS, Reuters, Global, Basel III Locations: Louis , Missouri, First Republic, San Francisco, China, Ukraine, Basel

FRANKFURT, June 22 (Reuters) - Deutsche Bank (DBKGn.DE) is drawing up plans to cut 10% of its 17,000 German retail jobs over the next few years as part of cost savings, a person with knowledge of the matter said on Thursday. The plans at Germany's largest bank come as Claudio de Sanctis prepares to take over the retail unit, known as the private bank division, on July 1. Deutsche Bank, which declined to comment on any cuts to retail jobs, has publicly said that it is identifying further cost savings and would be trimming jobs in certain areas to keep profits growing. The bank has been expected to continue to cut branches to curb expenses, Reuters has previously reported. S&P last month upgraded its outlook for the bank and said that the retail division has "considerable scope" to cut costs.

Persons: Claudio de Sanctis, Tom Sims, Matthias Williams, Madeline Chambers, Susan Fenton Organizations: Deutsche Bank, Deutsche, Reuters, Thomson Locations: FRANKFURT, Germany's, Germany

☆ Why Goldman Sachs' John Waldron Flagged This 'Young, Talented' Banker
▼ + stars: | 2023-06-02 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs' COO, John Waldron, gave a speech on Thursday touting the firm's growth opportunities. The shoutout comes as Goldman Sachs joins its Wall Street peers by seeking to boost its wealth business that caters to the rich. Waldron on Thursday admitted that Goldman has "underinvested" in the private wealth business. Goldman's wealth business Goldman Sachs has about 1,000 advisors overseeing $1 trillion for its ultra-high net worth clients with at least $10 million to invest. The unit works closely with moneyed entrepreneurs, prime targets for Goldman's private wealth business.

Persons: Goldman, John Waldron, Nishi Somaiya, Goldman Sachs, David Solomon's, Nishi, We've, Waldron, Somaiya, Marc Nachmann Organizations: Oxford, Private, Silicon Valley Bank, UBS's, Credit Suisse, Bloomberg, University of Oxford, Royal Ballet School Locations: Silicon, Europe, Americas, SVB

☆ Barclays posts 27% rise in net profit for the first quarter, beats expectations
▼ + stars: | 2023-04-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The headquarters of Barclays Plc beyond the West India Quay Docklands Light Railway station in the Canary Wharf financial district in London, UK, on Monday, March 20, 2023. LONDON — Barclays on Thursday reported net profit of £1.78 billion ($2.2 billion) for the first quarter, beating expectations and coming in 27% higher year-on-year. A consensus Reuters poll of analysts forecast net profit at £1.432 billion. The income of Barclays UK was up 19% due to improved net interest income. In its previous results, Barclays said it set aside £1.2 billion for such charges last year, as its customers struggled with cost pressures.

☆ Goldman Sachs is using ChatGPT-style A.I. in house to assist developers with writing code
▼ + stars: | 2023-03-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Goldman Sachs is experimenting with generative AI tools internally to help its developers automatically generate and test code, the company's chief information officer told CNBC. "Developers are already using some of the assisted coding technology," Argenti told CNBC's Arjun Kharpal at the Goldman Sachs technology symposium on Tuesday. Generative AI refers to a group of products that produce human-like text or images in response to written prompts from users. Goldmans' interest in generative AI products comes despite pushback from some banking giants on the use of ChatGPT internally. In some cases, developers have been able to write as much as 40% of their code automatically using generative AI, he said.

☆ Exclusive: Credit Suisse regulatory compliance head leaving as part of wider overhaul -sources
▼ + stars: | 2023-03-09 | by ( Stefania Spezzati | ) www.reuters.com time to read: +2 min

[1/2] A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, February 22, 2023. The sources said Gooding's departure is not related to Thursday's postponement by Credit Suisse of the publication of its annual report. Gooding, who has spent about 18 years at Credit Suisse, reported to Nita Patel, the group chief compliance officer, and his responsibilities will be reassigned, the sources added. Credit Suisse is cutting 9,000 jobs as part of a restructuring plan announced in October to restore profitability after a series of scandals and losses that have drawn regulatory scrutiny and undermined investors confidence. Gooding's tasks will be assigned to Roger Senteler, chief compliance officer for the wealth management unit, and Alain Bieger, chief compliance officer for the Swiss bank division, the people said.

☆ Jim Cramer's top 10 things to watch in the stock market Thursday: Nvidia is AI, energy surprises, stocks up
▼ + stars: | 2023-02-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Shares of Club stock, which lost about 50% last year, jumped 10% early Thursday. Toll Brother s (TOL) sees price target hike at Raymond James to $67 per share from $61. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Few Credit Suisse clients have closed accounts - CEO of the bank's Swiss unit
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 27 (Reuters) - The head of Credit Suisse's Swiss unit said "some customers have withdrawn some of their money, but very few have actually closed their accounts." The announcement sent the share price tumbling and led to the cost of insuring the debt of Credit Suisse against default rising. A number of options have been floated as paths Credit Suisse may take to help it get it back on track. Helfenstein said splitting the Swiss business from the bank's international business was "absolutely not an option". He also said a sale of the private client business and the asset management division was "not up for debate either".

☆ Credit Suisse warns of $1.6 billion loss as rich clients leave
▼ + stars: | 2022-11-23 | by ( ) edition.cnn.com time to read: +4 min

Credit Suisse expects a pretax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter as it keeps bleeding cash, the Swiss bank said on Wednesday, shortly before shareholders approved a $4 billion capital hike. It said this trend in the wealth management division, catering to rich clients, has since improved, but had yet to reverse. The bank has been battered by a string of scandals and losses, including a $5.5 billion loss from the unraveling of US investment firm Archegos. Client activity had remained subdued in the wealth management and Swiss Bank divisions, a situation expected to continue in the coming months, the bank said. Analysts expressed concern about the outflows, which Bank Vontobel estimated to be around 84 billion Swiss francs ($88.2 billion).

☆ Credit Suisse's Swiss investment bank to be spared in overhaul
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 18 (Reuters) - The Swiss arm of Credit Suisse's investment bank will be largely unaffected by the restructuring plan the bank announced last month, said Jens Haas, head of investment banking Switzerland. "We will retain our full footprint here in Switzerland, so from a client perspective and a market perspective, certainly nothing will change," he told Swiss newspaper L'Agefi. Along with a 4 billion Swiss franc ($4.2 billion) capital raise and thousands of job cuts, Credit Suisse is planning to scale back its scandal-hit investment bank in a shift towards banking for the wealthy. "Investment Banking Switzerland will become a part of the Swiss Bank division – which had already been the case before this year," Haas said. In terms of wallet share, investment banking Switzerland was the market leader in the alpine state with roughly 13%, he said.

☆ Google and Amazon are two of the biggest poachers of Goldman's tech talent. We mapped out the top 10 firms snapping up the bank's recent departures.
▼ + stars: | 2022-10-12 | by ( Bianca Chan | Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +7 min

Amazon was the biggest poacher of Goldman tech talent from June to August. The organization tracked the LinkedIn profiles of people who left Goldman Sachs and picked up another job from June through August. Wall Street's tech hiring ambitions ramp up as tech powerhouses and startups pull backNonetheless, the demand for tech talent on Wall Street has remained strong. JPMorgan, the biggest beneficiary of the departures, hired 18 former Goldman Sachs employees. Citi and Morgan Stanley were also among the top poachers of Goldman talent, with the firms both scooping up 12 Goldman employees each.

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