The latest headlines on the impact of technology on the wealth management industry.
Fintech News
Need to Move $1.6 Billion? Bank of America Has an App for That
Bank of America’s corporate clients want to make payments the same way they handle their personal money — by mobile phone.
Robinhood Is Back in Washington’s Crosshairs After Leverage Glitch
Robinhood Markets Inc. is once again getting unwanted scrutiny in Washington after some of the brokerage’s customers took advantage of a flaw that allowed them to make highly leveraged trades without putting down enough cash to back the transactions.
Robinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’
A glitch in the Robinhood Markets Inc. system is allowing users to trade stocks with excess borrowed funds, giving them access to what amounts to free money.
U.S. Bank to Cut Thousands of Branch Workers in Digital Push
U.S. Bancorp is eliminating thousands of branch workers as it adjusts to changing customer preferences, according to a person briefed on the decision.
Robinhood Gives Banking Another Shot a Year After Botched Launch
Robinhood Markets Inc. is giving banking another shot, 10 months after its first attempt at a checking and savings product flamed out in spectacular fashion.
Ashton Kutcher-Backed Startup Tells Employees It Can’t Make Payroll
Neighborly, a startup that once sought to upend the way securities are sold in the $3.8 trillion municipal-bond market, idled its employees after an unsuccessful effort to raise money to stay afloat, according to a memo obtained by Bloomberg News.
Thiel-Backed Fintech TransferWise Records Third Year of Profit
(Bloomberg) — TransferWise Ltd., one of Europe’s largest financial technology startups, said its revenues grew by more than half in…
Russian Hacker Pleads Guilty to Huge Data Thefts From JPMorgan, Others
A Russian hacker admitted Monday that he executed the largest known cyber-attack against a U.S. bank, pleading guilty to charges that he stole data on more than 80 million clients of JPMorgan Chase & Co. and other institutions that netted hundreds of millions of dollars in ill-gotten gains.
Fintech Fundbox Raises $176 Million to Lend to Business Using AI
Fintech Fundbox Inc. has raised $176 million in a new funding round from investors including Allianz SE and General Catalyst. The company plans to announce the funding on Tuesday, along with a new $150 million credit facility.
Privacy Coins Face Existential Threat Amid Regulatory Pinch
Cryptocurrencies such as Monero, Zcash and Dash, which can to varying degrees obfuscate transactions, are making it harder for exchanges and custodians to comply with fresh international guidelines to prevent illicit financing.
Morgan Stanley Robot Learns by Reading Unreadable Muni Documents
They said it revealed some patterns that could help investors avoid credit-rating downgrades or defaults without reading through hundreds of pages of reports.
