Long considered a nuisance, distributed-denial-of-service attacks, or DDoS, are a growing problem for banks and other financial businesses, according to a new report. The volume of DDoS attacks targeting financial firms increased 22% year-over-year as of November, according to a new report first provided to Bloomberg News by the Financial Services Information Sharing and Analysis Center, […]
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JPMorgan Chase & Co. has a head start when it comes to developing and deploying artificial intelligence in banking, according to a new study. The Wall Street bank hires more people with skills needed for AI, files more patents and makes more public pronouncements on the uses and ethical implications of the technology, the Evident […]
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Microsoft Corp. has resolved widespread problems with its online services, including Outlook and Teams, that it attributed to networking issues. Customers reported difficulties across multiple regions starting at 7:05 a.m. in London in accessing Microsoft 365 services, including email and videoconferencing tools, the company said in a statement. SharePoint Online, OneDrive for Business and Microsoft […]
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Microsoft Corp. is investing $10 billion in OpenAI, whose artificial intelligence tool ChatGPT has lit up the internet since its introduction in November, amassing more than a million users within days and touching off a fresh debate over the role of AI in the workplace. The new support, building on $1 billion Microsoft poured into […]
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JPMorgan Chase & Co. and International Finance Corp. are leading a $27 million round of investment in KLYM, a data-driven fintech that focuses on providing working capital to small and midsize companies in Latin America. KLYM will use the capital to expand, with Brazil as the main priority in 2023, Diego Caicedo, co-founder and chief […]
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Capital One Financial Corp. eliminated hundreds of technology positions this week, the result of the credit-card giant spending years investing in systems meant to improve its efficiency. More than 1,100 workers were affected, according to a person familiar with the matter who asked not to be identified discussing a private matter. Those employees have been […]
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Layoffs that began in 2022 are accelerating across much of the technology world. The tech industry is slashing jobs at a pace nearing the early days of the Covid-19 pandemic. In November, the most recent month for which data is available, the sector announced 52,771 cuts, for a total of 80,978 over the course of the year, according to […]
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Pensioners feeling the pinch are increasingly turning to buy-now, pay-later services, the latest sign of how the cost-of-living crisis is squeezing the UK population. Almost a fifth of over 65-year-olds said they had used the popular short-term credit offered by fintechs, according to a December survey of 2,061 adults commissioned by the Centre for Financial […]
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Despite the layoffs across the finance industry, there were no signs of a staffing pullback in JPMorgan Chase & Co’s or Bank of America Corp.’s fourth-quarter results. JPMorgan’s headcount rose 2% to 293,723 from 288,474 last quarter, the company said in its earnings release Friday. This is up 8% from 271,025 a year earlier. Overall […]
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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has spent the past year reassuring analysts and investors that the bank’s multibillion-dollar binge on technology ventures is part of a carefully designed plan that will pay off. But a lawsuit filed by the bank against the founder of one of those ventures — a complaint […]
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The Federal Trade Commission ordered Mastercard Inc. to start providing its competitors with customer account information they need to process debit payments, a move that could cut costs for merchants. The enforcement action, approved in a 4-0 vote, is the culmination of a years-long investigation focused on Mastercard and Visa Inc.’s policies prohibiting merchants from […]
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Banco Bradesco SA, Brazil’s second-biggest bank by market value, plans to buy more minority stakes in tech companies to speed up its expansion in the US. “We are going to be investing in digital firms that can help us foster our growth in every single area that we participate, such as investments, financing, credit cards, […]
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JPMorgan Chase & Co. has signed the final terms to acquire a 48.5% stake of Greece’s payment firm Viva Wallet, according to press reports in the country. The U.S. bank will buy out all the minority holders for an amount that is expected to be above €820 million ($869 million), the news website kathimerini.gr reported, […]
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Europe’s fintech giants were built on the promise of new ways to do finance. Under pressure from rising interest rates and nervous investors, their next steps are looking more like tried-and-tested traditional banking. Dutch payments firm Adyen NV began lending to small companies this year following US-Irish rival Stripe, while the UK’s Revolut has looked […]
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Britain is taking the lead among major developed economies in moving away from cash in everyday payments, but more than two-thirds of people surveyed remain reluctant to go fully digital. That’s the conclusion of a survey by YouGov Plc for Bloomberg, which showed 57% of people in the UK rarely or never use cash in […]
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