Security is Final Hurdle to Mass Mobile Payments AdoptionJanuary 14, 2013A paper by the Federal Reserve Bank of Boston finds that the ultimate broad adoption of mobile payments will be largely correlated with the security of each mobile platform; and that consumer education and stakeholder collaboration will be equally crucial
Oracle Updates Java, Security Experts Say Bugs RemainJanuary 13, 2013Oracle Corp released an
emergency update to its Java software for surfing the Web on
Sunday, but security experts said the update fails to protect
PCs from attack by hackers intent on committing cyber crimes.
JPMorgan Chase Faces U.S. Order to Improve ComplianceJanuary 11, 2013A U.S. regulatory probe of JP
Morgan Chase & Co is expected to result in an order that
the bank correct lapses in how it polices suspect money flows,
in an action expected as soon as Friday, people familiar with
the situation said.
American Express to Cut 5,400 JobsJanuary 10, 2013Credit card company American Express Co
said it would cut about 5,400 jobs, or 8.5 percent of
its workforce, as it restructures its business and pay legal
Morgan Stanley Job Cuts May Signal More Pain AheadJanuary 09, 2013Morgan Stanley plans to slash 1,600
jobs in what may be just the beginning of a new round of layoffs
at large investment banks, this time driven by a deeper
reassessment of Wall Street businesses in the face of new
regulations and capital standards.
Senator Pushes to Ban Bankers From Fed BoardroomsJanuary 09, 2013An outspoken Senate critic of
the Federal Reserve said on Wednesday that he would reintroduce
legislation to ban bankers from the boardroom of the 12 regional
Fed branches, citing potential conflicts of interest.
Morgan Stanley to Cut 1,600 Jobs in Investment Bank: SourceJanuary 09, 2013Morgan Stanley plans to cut 1,600
jobs in its investment banking unit, roughly 6 percent of staff
in that unit, with employees being informed about job losses
beginning this week, a person familiar with the matter said on
Top Banks Told to Centralize Risk Data by 2016January 09, 2013The world's top banks have three
years to build up a single picture of all their risks to help
make the wider financial system safer, global regulators said on
Looser Bank Buffer Rules No Panacea For Europe, U.S.January 07, 2013A decision by global
regulators to give banks more time and flexibility to build cash
reserves will not boost lending or speed recovery in
debt-strapped Europe, where firms and households have scant
appetite to borrow.
FundTech Introduces New President and COOJanuary 07, 2013Edward Ho, formerly of Misys, was named as the new president and COO of Fundtech after the departure last week of two of the company's top executives.
Celent Report Explores Top Payments TrendsJanuary 07, 2013Celent released its annual report on the top 10 trends in today's retail payments market, which focused on digital wallets, regulations and alternative payments.
BofA to Settle with Fannie Mae, Sell Mortgage AssetsJanuary 07, 2013Bank of America on Monday announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans, in a series of deals meant to help the bank move past its disastrous 200 8 purchas
Citigroup CEO Names New Executive TeamJanuary 07, 2013The newly appointed chief executive of Citigroup Inc named two veterans of the bank to lead its institutional and consumer businesses as he announced his new management team on Monday.
U.S. Regulators Give Banks Time to Spin Off Swap TradingJanuary 03, 2013Banks could have up to three
extra years to comply with a new U.S. rule requiring firms that
receive federal deposit insurance to spin off some of their
swaps trading into separate arms, U.S. regulators said on
Worldwide IT Spending to Rise 4.2 Percent in 2013 : GartnerJanuary 03, 2013Worldwide IT spending was expected
to rise 4.2 percent in 2013 to $3.7 trillion, a pick-up from 1.2
percent growth forecast for last year as the gloom hanging over
businesses and consumers starts to lift, industry research firm
U.S. Consumers Paying Down Debt Despite Obstacles, ABA SaysJanuary 02, 2013Consumers continued the trend of paying down household debt last year, but the American Bankers Association warns that trend might falter next year with the expiration of the payroll tax cut and continued economic uncertainty.