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"Some roles will change, new roles may be created, and new roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time. CONSULTATIONS IN THE UKThe bank said in a separate memo it is also beginning the specific consultation required in the UK. Some of these roles may change, while others will remain largely the same."

Persons: Sara Wechter, Jane Fraser, Fraser, Jane, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio Our Organizations: Citigroup, Reuters, Citi, Bank of America, Thomson Locations: Wells Fargo, London, New York

☆ Sam Bankman-Fried's old penthouse roommate insisted on immunity before testifying because he feared he unwittingly facilitated a crime
▼ + stars: | 2023-10-04 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +5 min

Yedidia insisted on immunity to testify because he was worried he may have facilitated a crime. AdvertisementAdvertisementBefore Adam Yedidia could testify against Sam Bankman-Fried at the FTX cofounder's criminal trial, he needed reassurances. AdvertisementAdvertisementThis courtroom sketch shows Adam Yedidia, former FTX and Alameda Research employee and former friend of Sam Bankman-Fried, testifying, Wednesday, Oct. 4, 2023. In 2017, he worked at Alameda Research for two months as a trader before leaving to pursue a PhD. Yedidia said he lived in a $35 million penthouse apartment in the Bahamas, which he said Alameda Research purchased at Bankman-Fried's direction.

Persons: Sam Bankman, Adam Yedidia, Yedidia, —, Fried, Elizabeth Williams, Lewis Kaplan, who's, Caroline Ellison, Gary Wang, Prosecutors, Wang, Yedida Organizations: Service, Prosecutors, Alameda Research, AP, MIT Locations: Alameda, Manhattan, FTX, Bankman, Bahamas

☆ Bankman-Fried circus will be a singular clown show
▼ + stars: | 2023-10-04 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 4 (Reuters Breakingviews) - All eyes are on Sam Bankman-Fried as the cryptocurrency founder’s criminal trial gets underway this week. The high-profile case bears similarities to past scandals such as Enron and Countrywide Financial, when regulation followed investigations. Lawmakers hauled Wall Street analysts up to Capitol Hill to grill them about their “buy” ratings. Importantly, legislators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, forcing banks to hold more capital, among other stipulations. It also is less prevalent – less than 20% of Americans have invested in crypto, according to the Pew Research Center.

Persons: Sam Bankman, FTX’s, Ken Lay, Arthur Andersen, Dodd, Frank Wall, Tom Brady, Bill Clinton, Fried, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Enron, Countrywide Financial, Countrywide, Bank of America, Lawmakers, Sarbanes, Oxley, Frank Wall Street Reform, Consumer, The Securities, Exchange Commission, Pew Research Center, Louis Federal Reserve, Southern, Thomson Locations: Manhattan, New

Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023. Two years later, Julliard stood as the prosecution's first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who's accused of misusing billions of dollars in client money. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year. Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023. WATCH: Sam Bankman-Fried criminal trial begins in New York

Persons: Sam Bankman, Claudia Johnson Marc, Antoine Julliard, Julliard, who's, FTX, Gisele Bündchen, Fried, Jane Rosenberg, Sam, Mark Cohen, Cohen, Attorney Thane, Rehn, Alameda's, Caroline Ellison, Allan Joseph Bankman, Barbara Fried, Stephanie Keith, Ellison's, Sam Trabucco, Trabucco, Rein, Adam Yedidia, Bankman, Yedida, hadn't, Gary Wang Organizations: Court, FTX, Federal Court, Reuters Defense, Alameda Research, Bankman, Assistant U.S, Attorney, Capitol, U.S, Bloomberg, Getty, MIT, Massachusetts Institute of Technology, Prosecutors Locations: New York, London, Manhattan, FTX, New York City, U.S, Alameda, Attorney Thane Rehn, Rehn

☆ Sam Bankman-Fried’s crypto empire was ‘built on lies,’ US prosecutor says
▼ + stars: | 2023-10-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In their opening statements to a newly sworn-in jury in Manhattan federal court, lawyers laid out previews of their cases, offering two divergent narratives for the collapse of Sam Bankman-Fried’s crypto empire. The US government has charged Bankman-Fried with multiple counts of fraud and conspiracy, following the implosion of his crypto-trading platform, FTX, last year. But as his own lawyer, Mark Cohen, stepped up to speak, Bankman-Fried’s demeanor softened and his focus shifted to the jury box. “Sam didn’t defraud anyone,” he told jurors, arguing that his client acted in good faith throughout the rise and fall of his startups. Legal experts say Bankman-Fried’s lawyers have their work cut out for them.

Persons: Sam Bankman, Thane Rehn, ” Rehn, Fried, “, ”, Elizabeth Williams, Rehn, Mark Cohen, Cohen, Sam didn’t, Sam, ” Cohen, FTX’s, FTX, “ It’s Organizations: New, New York CNN, Prosecutors Locations: New York, Manhattan, Bahamas

But FTX had asserted the opposite in an online post about a car race it sponsored in Miami Beach, Florida, six months before its November 2022 collapse. loadingAt Bankman-Fried's trial on Wednesday, prosecutors played for the jury FTX video advertisements in which a narrator said, "we're inviting everyone in," as well as spots featuring NFL quarterback Tom Brady and comedian Larry David. Bankman-Fried, 31, has pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. Mark Cohen, Bankman-Fried's lawyer, said his client never intended to steal funds. "But on the other hand, many factors that nobody controlled could make crypto go up and down in value.

Persons: Sam Bankman, Mark Cohen, Jane Rosenberg, FTX, Shaquille O'Neal, Tom Brady, Larry David, Bankman, Prosecutors, cryptocurrency, Thane Rehn, Fried, Rehn, Cohen, O'Neal, Brady, David, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Federal Court, REUTERS, Twitter, Miami Heat, Thomson Locations: Bankman, FTX, New York City, U.S, Miami Beach , Florida, New York

Sam Bankman-Fried's lawyer tried to blame Caroline Ellison for FTX's collapse during opening statements. AdvertisementAdvertisementSam Bankman-Fried's defense attorney, Mark Cohen, took aim at the FTX cofounder's ex-girlfriend, Caroline Ellison, during his opening statements in the criminal trial over the collapse of FTX on Wednesday. Bankman-Fried is on trial in Manhattan federal court on charges that he defrauded FTX customers and investors out of billions of dollars. AdvertisementAdvertisementMeanwhile, prosecutor Thane Rehn told the jury that Bankman-Fried stole more than $10 billion from FTX customers, all while telling customers they could access their money at any time. "When customers put money in FTX, he stole it.

Persons: Sam Bankman, Caroline Ellison, —, Mark Cohen, Cohen, Fried, Ellison, Ellison didn't, What's, who'd, Thane Rehn, Rehn Organizations: Service, Alameda Research, New York Times, Reuters Locations: FTX, Alameda, Manhattan

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. There is no guarantee that Scaramucci, Bankman-Fried's father Joseph Bankman or his brother Gabriel Bankman-Fried will testify during the trial, which is expected to last six weeks and kicked off on Tuesday with jury selection. Prosecutor Danielle Sassoon read the list of dozens of names - which included both proposed prosecution and defense witnesses - to see if any prospective jurors knew them. Scaramucci's alternative investment firm SkyBridge Capital once owned a stake in FTX, Bankman-Fried's cryptocurrency exchange which declared bankruptcy in November 2022 amid a flurry of customer withdrawals. The now-bankrupt fund is fully owned by Bankman-Fried and former FTX executive Gary Wang, court filings show.

Persons: Sam Bankman, Fried, Christian Everdell, Jane Rosenberg, Donald Trump's, Anthony Scaramucci, Joseph Bankman, Gabriel Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Bankman, Kaplan, Gary Wang, Nicolas Roos, Caroline Ellison, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: Federal Court, REUTERS, SkyBridge, Alameda Research, District, Insight Partners, Bankman, Manhattan U.S, Thomson Locations: FTX, New York City, U.S, Alameda, Alameda ., New York

Companies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's fraud trial got under way with jury selection on Tuesday, nearly a year after his now-bankrupt cryptocurrency exchange's collapse shocked markets and tattered his reputation. He was dressed in a suit and tie, with his once signature curly, unkempt hair cut into a neater trim. Bankman-Fried's is the highest profile case U.S. prosecutors have so far brought against a former cryptocurrency executive. Prosecutors say Bankman-Fried built that reputation on lies and bolstered it with endorsements from celebrities and star athletes. He will be brought to court early on most days to allow him to prepare with his lawyers.

Persons: Sam Bankman, District Judge Lewis Kaplan, Kaplan, Bankman, Fried, Nicolas Roos, Mark Cohen, Caroline Ellison, Gary Wang, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: District, Alameda Research, Manhattan U.S, Prosecutors, Thomson Locations: Manhattan, FTX, Alameda, New York

☆ Explainer: What charges does Sam Bankman-Fried face over FTX's collapse?
▼ + stars: | 2023-10-03 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo Acquire Licensing RightsNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led. He faces one count of wire fraud, two counts of conspiracy to commit fraud, and one count of money laundering conspiracy over the alleged theft of customer funds. Bankman-Fried faces one wire fraud count and two conspiracy counts over the alleged misrepresentations to investors and lenders. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Fried, Amr Alfiky, Caroline Ellison, Ellison, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Alameda Research, Alameda, Prosecutors, Thomson Locations: New York City, U.S, FTX, Bahamas, Alameda, New York

☆ What to Know About Sam Bankman-Fried’s Fraud Trial
▼ + stars: | 2023-10-03 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +2 min

Mr. Bankman-Fried oversaw two core businesses: FTX and a hedge fund called Alameda Research. Alameda was, at least in theory, simply a large customer of FTX that used the platform to trade digital currencies. But according to prosecutors, Mr. Bankman-Fried allowed Alameda to borrow a virtually limitless amount from FTX and then funneled much of that money into other projects. For example, regulators say, Alameda used customer funds to make large loans to FTX executives, who spent the money on political donations. Mr. Bankman-Fried faces an uphill battle in court.

Persons: Fried, FTX, —, Caroline Ellison, Nishad Singh, Gary Wang —, Ryan Salame, Lewis A, Kaplan, Judge Kaplan Organizations: Alameda Research, Alameda Locations: FTX, United States, Alameda, Fried, Brooklyn

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ Sam Bankman-Fried was a horrible manager, says 'Big Short' author Michael Lewis
▼ + stars: | 2023-10-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried was a "horrible" manager, Michael Lewis told "60 Minutes." Lewis is the author of "Going Infinite," a new book about Bankman-Fried, which is set for release on Tuesday. AdvertisementAdvertisementSam Bankman-Fried was a "horrible" manager, according to author Michael Lewis, who has written a new book about the cofounder of failed crypto exchange FTX. He told Lewis FTX didn't really have a board. And there was nobody there to say, like, 'Don't, don't do that,'" the author added.

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, SBF's, —, Bankman, Lewis FTX didn't, it's, FTX, George Stephanopoulos Organizations: Service, CBS, ABC News, Bankman

☆ A financially independent stock trader shares his biggest mistake that he says resulted in a 30%+ drawdown — and the changes that helped him average a 25% annual return for 5 years
▼ + stars: | 2023-10-01 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

I don't know what's going on. "That's a really, really dangerous point for all traders: When you first start, you don't know anything and you know you don't know anything; then, you spend a bunch of time and effort learning; and now you think you know something but unfortunately, you still don't know what you don't know." Ultimately, Smolinski's mistake, which he categorizes as the "most pivotal moment in my trading career," forced him to reevaluate his trading proficiency and strategy. Reevaluating his strategy and getting 'super organized'Smolinski didn't have a trading plan up until his first big loss. However, his account drawdown prompted him to create a blank Word document and start his trading plan, which has grown to 388 pages.

Persons: Erik Smolinski, he'd, Dunning, Kruger, Smolinski

☆ Citigroup has 'no room for bystanders' in reorganization, CEO says
▼ + stars: | 2023-09-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeNEW YORK (Reuters) - Citigroup CEO Jane Fraser said on Friday that top employees were on board with the company’s sweeping reorganization, and that there was “no room for bystanders” in the bank’s biggest overhaul in almost two decades. “The case for change is pretty clear - our people want to succeed and our highest performers got behind this very quickly,” Fraser told CNBC. The company began discussions about layoffs soon after announcing the reorganization, sources close to the situation told Reuters this month. Bank of America CEO Brian Moynihan also predicted the economy would achieve a soft landing in comments earlier this week.

Persons: Jane Fraser, Mike Blake NEW, ”, ” Fraser, Fraser, Brian Moynihan Organizations: Citi, Milken, Global Conference, REUTERS, Mike Blake NEW YORK, Citigroup, CNBC, Federal Reserve, Bank of America Locations: Beverly Hills , California, U.S

☆ Asian stocks inch away from 10-month low, rate jitters linger
▼ + stars: | 2023-09-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.59% higher but not far off the 10-month low it touched on Thursday. The index is set for 5% drop in the July-September period, its worst quarterly performance since a 13.6% drop in the same period last year. In foreign exchange market, the dollar index eased 0.057% to 106.10 but hovered near the 10 month high of 106.84 it touched earlier this week. The index is up 2.4% this month and set for second straight month of gains.

Persons: Issei Kato, Australia's, Jerome, Powell, Ryan Brandham, Thomas Barkin, Brent, Ankur Banerjee, Lincoln Organizations: REUTERS, Rights, Japan's Nikkei, China Evergrande, HK, Validus Risk, Federal, Federal Reserve Bank of Richmond, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, China, U.S, North America, Russia, Saudi Arabia, Singapore

☆ PWC Aussie mess is classic do as I say not as I do
▼ + stars: | 2023-09-29 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Sept 29 (Reuters Breakingviews) - PWC Australia is likely to need a long time to recover from what is turning out to be a self-inflicted double whammy. Now the independent review sparked by the furore has laid bare another problem: PWC Australia took a do as I say not as I do approach to running its own shop. The report, commissioned by PWCA in May, written by one of the country’s corporate grandees, Ziggy Switkowski, and published on Wednesday, outlines a series of corporate governance failures. What’s worse, and even more ironic, is PWC Australia’s aversion to tapping external advice. Many of the changes will come from applying, “to the extent feasible”, the Australian Securities Exchange’s corporate governance principles and recommendations.

Persons: Tom Seymour, PWCA, Ziggy Switkowski, “, Kevin Burrowes, That’s, Una Galani, Katrina Hamlin Organizations: Reuters, Lehman Brothers, Silicon Valley Bank, Australian Securities, Thomson Locations: MELBOURNE, Australia, Silicon

☆ Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried?
▼ + stars: | 2023-09-28 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Now, a year after Alameda collapsed, Ellison is preparing to testify as a key witness at the Oct. 3 criminal fraud trial against its founder, another budding young philanthropist who also owned the now-bankrupt FTX cryptocurrency exchange: Sam Bankman-Fried. She told the FTX podcast she decided to join Bankman-Fried at Alameda despite lacking experience with cryptocurrencies to "maximize my impact." ELLISON MAY TESTIFY ABOUT ENCRYPTED MESSAGESProsecutors may ask Ellison about whether Bankman-Fried directed employees to use encrypted messaging platforms and ensure their messages automatically deleted. She has told prosecutors that Bankman-Fried said it is hard to build a case if information is not written down or preserved, court records show. Days before FTX declared bankruptcy, Ellison told Bankman-Fried her "increasing dread of this day" had been weighing on her for a long time, according to prosecutors.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, Bankman, Alameda's, Sam, ELLISON, Jane Street, Harry Potter, Fried, Jane, FTX, Kaplan, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Stanford, Alameda Research, Alameda, Prosecutors, Massachusetts Institute of Technology, New York Times, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, Boston, Fried, FTX

☆ ECB looks to AI to better understand inflation after big misses
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. Joining the masses of firms already using AI, the ECB is now exploring ways to process and analyse millions of data points, including public price data, corporate statistics, news articles and bank supervisory documents to produce better analysis for policy decisions. Among several AI initiatives, the bank wants to deepen its understanding of price-setting behaviour and inflation dynamics, the blog said. Using web scraping, the ECB can collect masses of real-time price data but the figures are unstructured and unsuitable for calculating inflation. So the ECB wants to harness AI to structure data and improve its analysis, it said.

Persons: Dado Ruvic, Balazs Koranyi, Ros Russell Organizations: REUTERS, Rights, European Central Bank, ECB, Thomson

☆ Who is Sam Bankman-Fried, the onetime crypto mogul set to testify in his own defense?
▼ + stars: | 2023-09-27 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

NEW YORK, Oct 26 (Reuters) - A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. Two years after launching a hedge fund, Alameda Research, Bankman-Fried founded FTX, an exchange that let users buy and sell digital assets such as bitcoin. Based in the Bahamas, Bankman-Fried became known for his mop of unkempt curly hair and for wearing rumpled shorts, even when entertaining dignitaries like Bill Clinton. They contend the theft came to a head in 2022, when crypto prices swooned and he used FTX funds to plug losses at Alameda. Defense lawyers have argued that their cooperation agreements with prosecutors encourage them to implicate Bankman-Fried in the hopes of receiving lenient sentences.

Persons: Sam Bankman, Fried, Bill Clinton, Tom Brady, Larry David, FTX, Caroline Ellison, Alameda's, Forbes, Bankman, Jane Street, Gary Wang, Ellison, Nishad Singh, Wang, Singh, District Judge Lewis Kaplan, FTX's, influencer, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Stanford Law School, Alameda Research, Forbes, Democratic, NFL, Alameda, Massachusetts Institute of Technology, Bankman, Prison, MIT, Jane, U.S, District, New York Times, Times, Thomson Locations: Bahamas, Manhattan, Alameda, United States, Asia, New York

☆ Gensler is testifying before Congress and facing increasing lawsuits over his many rule changes
▼ + stars: | 2023-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Securities and Exchange Commission Chair Gary Gensler is testifying before the House Financial Services Committee today. Republicans are increasingly apoplectic about the more than 40 rules Gensler has been proposing, especially now that he has begun adopting them. Gensler grilled for proposed and adopted rulesRepublicans will be particularly keen to talk about some of the bigger issues Gensler has been tackling. Some are hoping that a few Democrats will join the Republicans and ask Gensler to slow down. Now that he has begun adopting many of these rules, the financial services industry seems to be saying, "See you in court."

Persons: Gary Gensler, Gensler, That's, Biden, Kirsten Wegner, Wegner, Virtu, Doug Cifu, Cifu, What's Organizations: U.S . Treasury, Washington , D.C, Securities, Exchange, Financial Services, Senate Banking, Republicans, Gensler, Commission, Modern Markets, Trader's Magazine, SEC, Virtu Locations: Washington ,

☆ Sam Bankman-Fried's trial to test dueling explanations for FTX’s collapse
▼ + stars: | 2023-09-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

He plastered FTX's logo on a basketball arena in Miami and on MLB baseball umpires' uniforms. Prosecutors say Bankman-Fried directed Wang to change FTX's computer code to allow Alameda to borrow unlimited sums of money, a privilege other exchange users lacked. Bankman-Fried's defense lawyers have indicated in court papers that they plan to challenge the credibility of all three witnesses. "The question is, when did Bankman-Fried know that there wouldn't be enough money?" Reporting by Luc Cohen in New York; Editing by Amy Stevens and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Jane Street, FTX, Damian Williams, Forbes, Bankman, It's, Mark Kasten, Buchanan Ingersoll, Rooney, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, District Judge Lewis Kaplan, Paul Tuchmann, Wiggin, Dana, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: REUTERS, U.S, Wall, Alameda Research, MLB, Prosecutors, Attorney, Bankman, Alameda, District, New York Times, Thomson Locations: New York, U.S, Manhattan, Miami, Alameda, Bahamas

☆ Citi warns UK staff of cuts as hundreds of roles could be affected - memo
▼ + stars: | 2023-09-22 | by ( Anousha | ) www.reuters.com time to read: +3 min

FILE PHOTO: Staff enter the Citigroup building in London's financial district of Canary Wharf November 18, 2008. “We anticipate that the reviews may lead to a reduction in roles in some parts of the business, and changes to some other roles. In some cases, colleagues may be placed at risk of redundancy,” James Bardick, UK Citi Country Officer, told employees in the memo seen by Reuters. Technology staff working on overlapping functions were also at risk of being laid off, Reuters reported. Kristine Braden, CEO of Citibank Europe, is leaving the company after 25 years as part the organisational change, according to an internal memo seen by Reuters.

Persons: Kevin Coombs, James Bardick, we’re, Jane Fraser, Bardick, Fraser, Kristine Braden Organizations: Citigroup, Reuters, Staff, REUTERS, Citi Country, Citi, Bankers, U.S, London Consultation, United States Citi, Technology, Citibank Locations: Canary, BRITAIN, Britain, North Ireland, North America, London, Belfast, Citibank Europe

☆ An HSBC-backed startup is using AI to help banks fight financial crime — and eyeing a Nasdaq IPO
▼ + stars: | 2023-09-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Markiewicz's company uses artificial intelligence (AI) to help financial institutions fight these issues in a bid to cut the amount of resources it takes to tackle crime, keeping banks in the good books of regulators. These smaller models combine to form Silent Eight's software that some of the largest banks in the world, from Standard Chartered to HSBC , are using to fight financial crime. Markiewicz said Silent Eight's AI models were actually trained on the processes that human investigators were carrying out within financial institutions. "So we just knew that we will have to start with some big financial institutions first, for the other ones to know that there is no risk and follow." Silent Eight's headquarters is in Singapore with offices in New York, London, and Warsaw, Poland.

Persons: Michael Wilkowski, Julia Markiewicz, Martin Markiewicz ., Martin Markiewicz, Markiewicz, ChatGPT Organizations: Silent, Silent Eight, CNBC, OTB Ventures, Standard Chartered, HSBC, Chartered Locations: WARSAW, U.S, Singapore, New York, London, Warsaw, Poland

Circuit Court of Appeals in Manhattan. In her writings, she described feeling "unhappy and overwhelmed" with her job and "hurt/rejected" from a breakup with Bankman-Fried. A lawyer for Bankman-Fried told the appeals court on Sept. 19 that Kaplan failed to credit the defendant for exercising his First Amendment constitutional right to speak with the press and try to restore his reputation. The appeals court appeared skeptical. Bankman-Fried faces seven charges of fraud and conspiracy stemming from the collapse of FTX, the now-bankrupt crypto exchange he founded.

Persons: Sam Bankman, Eduardo Munoz, District Judge Lewis Kaplan, Caroline Ellison, Ellison, Fried, Kaplan, Danielle Sassoon, William Nardini, Luc Cohen Organizations: REUTERS, U.S, Circuit, District, Alameda Research, New York Times, Bankman, Metropolitan Detention, Prosecutors, Alameda, Thomson Locations: New York, U.S, Manhattan . U.S, Alameda, Palo Alto , California, FTX

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