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Morning Scan: SoftBank's Big Bet on Next-Gen Tech

01/11/17

Receiving Wide Coverage ... Technology investment: Tech giant SoftBank executive Rajeev Misra has created a $100 billion fund to invest in futuristic technologies like artificial intelligence, robotics and other Jetsons-like inventions, according to the Wall Street Journal and New York Times. The so-called Vision Fund will also invest in smaller venture capital forays in financial technology and robotics. Â...

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Morning Scan: DTCC Moving to the Blockchain; Goldman's New Tech Chief

01/10/17

Receiving Wide Coverage ...

Acid test: The Depository Trust and Clearing Corp., the world's main data repository for credit derivatives deals, is moving its database to the blockchain, "the first big test case for whether the emerging technology can be employed across the finance industry," the Financial Times said. The DTCC, which processes more than $1.5 trillion of securities a year, will use technology from IBM and blockchain start-ups R3 and Axoni. Work on the project...

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Morning Scan: Wells Fargo's New Pay Plan; Banks Borrow

01/09/17

Wall Street Journal

New deal: Wells Fargo is expected to roll out a new retail banking compensation plan that, according to a bank spokeswoman, "eliminates sales goals, measures performance based on customer experience and adds more oversight and risk" management. The program, which is expected to be unveiled this week, is "an attempt to fix what many believe was one cause of its sales-tactics scandal," the paper said. The plan will focus on customer service, usage...

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Morning Scan: Corzine Settlement; Deutsche Fills Post

01/06/17

Receiving Wide Coverage ...

Corzine settles: Former New Jersey governor and Goldman Sachs CEO Jon Corzine agreed to pay $5 million to settle Commodity Futures Trading Commission charges related to his role in the 2011 collapse of commodities brokerage MF Global Holdings, which Corzine headed. Under the terms of the deal, Corzine must pay the penalty out of his own pocket, not from insurance proceeds, "an unusual step that highlighted that the case was a high...

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Women in Banking: Chatbot Worries; Fidelity's Strategy Change

01/05/17

One of the designers who worked on Kasisto's chatbot Kai argues that technologists are perpetuating female stereotypes; SoFi has some unusual ideas about how to get to know its customers better; and Fidelity gives in to the ETF trend. Also, Cathy Engelbert, Barbara Boxer and Megyn Kelly.

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Morning Scan: SEC Pick Seen as Street Friendly; Wooing Banks

01/05/17

Receiving Wide Coverage ...

Too friendly?: Jay Clayton, President-elect Donald Trump's pick to run the Securities and Exchange Commission, "is expected to end the streak of aggressive regulators and litigators overseeing the country's top markets," the Wall Street Journal reports, describing Clayton in the headline as "a 180" from the outgoing chair Mary Jo White. The nomination of Clayton, a partner at Sullivan & Cromwell who has represented the likes of Goldman Sachs and Barclays, "signals...

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Morning Scan: Bitcoin Breaks $1,000; CFPB Fines Two Credit Bureaus

01/04/17

Receiving Wide Coverage ...

Bitcoin boost: While the Dow Jones Industrial Average struggles to reach the 20,000 mark, a different financial milestone was hit on New Year's Day. On Sunday bitcoin broke through the $1,000 mark for the first time, and kept climbing to $1,022 on Tuesday. The digital currency gained about 123% in value in 2016, due to global uncertainty and inflation fears. "The currency had faded from the public eye through early 2016 as...

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Morning Scan: Jain on the Street; CFPB Eyes Overdraft Charges

01/03/17

Receiving Wide Coverage ...

He's back: Anshu Jain, the former co-CEO of Deutsche Bank, is joining Cantor Fitzgerald as group president, a newly created position, where he will help oversee Cantor's overall strategy and expansion efforts. His appointment comes 18 months after Jain resigned from Germany's largest bank "as concerns mounted over Deutsche's financial health and the many investigations it was facing," the New York Times said. He joined Deutsche in 1995, becoming co-CEO in 2012...

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Women in Banking: Unbiased Online Lending, SEC's Next Head

12/29/16

Online lenders could be opening doors for female entrepreneurs; the San Francisco Fed's Mary Daly talks about closing the gender gap in the research department; Barclays' UK diversity chief shares mentor-mentee relationship tips; Centric's Patti Husic creates a millennial advisory board. Carver Bancorp's former CEO is joining Citi's board and we take a look at Mary Jo White's possible successor. Plus, a look back at the year for Mary Mack, Carrie Tolstedt, Kathie Andrade and Nandita Bakhshi.

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Morning Scan: U.S. Sues Barclays Over Toxic Mortgages; Settles with Deutsche, Credit Suisse

12/23/16

Editor's note: Morning Scan will publish next on Jan. 3, 2017. Happy holidays from all of us at American Banker and SourceMedia. Receiving Wide Coverage ...

Off to court: Having failed to reach a settlement following its long-running investigation into the British bank's alleged role in selling toxic mortgage-backed securities, the U.S. Justice Department is suing Barclays PLC. "It is highly unusual for the Justice Department to sue a bank, rather than reaching a settlement," the Wall...

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