News Topic: Operations
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Citigroup’s fat-finger trade seen costing bank more than $50 million
U.K. regulators tell JPMorgan to review its risk management
Technology + Design: What’s working in client and advisor experiences?
Regions Financial's Chief Operating Officer John Owen to retire
The bank will divvy up Owen's responsibilities among three other executives, including Kate Danella, who will become chief strategy and client experience officer. ... Read full article
Wells Fargo hires new operations head from BNY Mellon
Lester Owens, who is scheduled to join the bank in July, will report to Chief Operating Officer Scott Powell. He will be charged with implementing a more unified structure across the 260,000-person company. ... Read full article
Move over, tech. Banks must focus on their teams, values.
Banks are so caught up in the newest technology trends that they lose sight of the need to build a talented workforce and a purpose-driven organization. ... Read full article
Bank of America's AI approach: 'Productive paranoia'
A thorough process for approving experiments with artificial intelligence, clear philosophical principles and diverse human involvement are some of the ways BofA says it's working to ensure AI does no harm. ... Read full article
A less defensive posture from Wells Fargo's interim CEO
In stark contrast to his predecessor, C. Allen Parker said Thursday he accepts regulators' criticism and suggested that the bank may struggle to achieve revenue growth until it moves past its regulatory woes. ... Read full article
OpenFin raises $17M in funding backed by Wells Fargo, JPMorgan
The company offers an operating system for financial applications akin to Apple's iOS, and more than a thousand applications run on it. ... Read full article
Back-office innovations help banks dump costly real estate
Banks could shed as much as 20 million square feet of office space over the next five years as they shift many functions to high-tech operations centers in markets with cheaper rents. ... Read full article
After tech ramp-up, Fifth Third seeks advice on cost cuts
Its decision to hire a consultant to trim expenses highlights the difficulty regionals face in making long-term technology investments in a low-growth era. ... Read full article
Back-office upgrades key to customer-focused banking, survey finds
Operations executives said in a recent survey that they have to modernize their back offices before they can meet their No. 1 goal: improving the customer experience. ... Read full article
'Vandalism is never minor in banking': Comments of the week
Readers question acting comptroller Noreika, weigh in on SoFi’s charter application, defend Trump’s exit from the Paris Accord, and more. ... Read full article
Why banks should care about Trump's climate-change withdrawal
Without climate change mitigation, financial institutions should expect higher weather-related losses, greater uncertainty surrounding transition pathways and increased market volatility. ... Read full article
How diversity is a boon to risk management
Narcissistic biases can lead us to favor those who look like us or have similar backgrounds or other common bonds. This inevitably affects the quality of hiring and risk management decisions. ... Read full article