International Monetary Fund Managing Director Christine Lagarde issued a warning over the weekend about the impact artificial intelligence may have on the financial system across the globe. Reuters reported Lagarde said that technology companies’ use of big data and AI increases big tech companies’ dominance...
China’s central bank announced over the weekend it plans to use several tools to keep liquidity in the market and that it will provide liquidity support to small and medium-sized banks. Reuters reported that People’s Bank of China made the statement during a meeting with...
A hundred billion here, a few hundred billion there, and pretty soon it all starts to add up. The Financial Times reports that a $647 billion “blind spot,” as measured by Barclays, exists in the financial reporting by Chinese banks — spanning both rural and...
It’s not just technology that moves the world. Culture plays a huge role — as well as the sparks that often come from the tension when cultures clash. That promises to be the case going forward with Open Banking, as financial institutions (FIs) pick partners...
China’s Central Bank said over the weekend that there won’t be any more takeover of banks after the government’s intervention with Baoshang Bank, an Inner Mongolia-based bank. According to a report in Reuters citing China’s Central Bank, the government said that was a standalone incident...
Baoshang Bank, based in Inner Mongolia, will be taken over by China’s banking and insurance regulator over critical credit risks, according to a report by Reuters. The takeover starts on Friday (May 24) and will last a year, both the Insurance Regulatory Commission (CBIRC) and...
Wells Fargo has been under the proverbial microscope — and now, even more, so will its CEO. The scandal-scarred bank is on the lookout for its next chief executive, with Tim Sloan having departed roughly two months ago. At the moment, C. Allen Parker is...
It really wasn’t supposed to be this way, not as cannabis steadily became legal across the United States. Read the old pro-legalization magazines, or revisit or recall all those legalization fantasy stories from members of the Baby Boomer and Generation X consumer segments, and you...
Wells Fargo, the embattled national bank, is reportedly upping the money it may lose from legal actions, reported The Wall Street Journal. The report, citing the bank’s quarterly securities filing, said the bank expects the potential losses from legal actions stemming in part from its...
