Citigroup restarts job cuts after coronavirus pause

September 17, 2020

The bank, which became the first Wall Street institution to appoint a woman as its CEO last week, employs around 204,000 people. The bank expects its cuts to affect 26,000 people in 2020. Citi wasn’t alone in putting a pause […]

Regulators’ “fast and furious” AML fines don’t tell the whole compliance story

September 9, 2020

Category: Regulations

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]

Four US digital trading apps experienced technical issues this week

September 3, 2020

Some reports have speculated that Apple and Tesla’s stock splits, which came into effect on 31 August, had something to do with the trading apps’ problems. The digital brokers have since resolved the issues they were having on Monday. What […]

Activity, Insurance

New York Charges Johnson & Johnson with Insurance Fraud Over Opioid Claims

September 18, 2020

Via: Insurance Journal

New York state filed civil charges on Thursday accusing Johnson & Johnson of insurance fraud for downplaying the risks of opioid painkillers, including to doctors and elderly patients. Governor Andrew Cuomo said the charges by New York’s Department of Financial […]

Capital and Risk, Macroeconomic

Consumer sentiment index rises to 78.9 in September, highest level since March

September 18, 2020

Via: Market Watch

The University of Michigan said the preliminary reading of its U.S. consumer sentiment index in September was 78.9, up from 74.1 in the prior month. Economists polled by MarketWatch expected a reading of 75.9. The sentiment indicator covers how consumers […]

Activity, Investment Banking

Mastercard commits $500m to help close racial wealth gap

September 17, 2020

Via: Finextra

This commitment includes products, services, technology and financial support, as well as concentrated investments that will focus on providing Black-owned businesses and Black people access to affordable financial tools and capital. “This is a time for action. We have an […]