U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%.
The investment firm is launching a company called Akoya that it says will help ease the technical aspects of data sharing, as well as disputes and liability issues, for banks, fintechs and data aggregators.
Some banks have backed away from the technology, but Northern Trust, State Street and JPMorgan Chase are among those actively working on blockchain projects.
The $2.1 billion settlement is likely to be the last of the big toxic mortgage cases from the financial crisis; the move pressures rivals to lower prices.
Most big banks are launching robo-advisers to compete for a new breed of wealth management customer. The risk is that automated services will disappoint traditional customers.
Following in the footsteps of Chase, Wells Fargo and others, Fidelity is launching an application programming interface to let third-party apps access customer data — as long as the customers grant permission.
For people well-schooled in the relationship between supply and demand, here's one Fidelity Investments may not have seen coming: The demand for female financial advisers outstrips the supply.
