All articles tagged with #financial services
Datavault AI is deploying a secure, AI-driven edge network in New York and Philadelphia to tap into multi-billion dollar markets in insurance, finance, and healthcare through real-time, quantum-encrypted data tokenization, with plans to expand nationwide by 2026.
Chase will become the new issuer of Apple Card within approximately 24 months, continuing to support the existing features and benefits, while Mastercard remains the payment network. The transition aims to enhance customer experience and support financial health, with over $20 billion in card balances expected to transfer to Chase.
JPMorgan has launched 'Special Advisory Services' to share its expertise on topics like AI and cybersecurity with select clients, aiming to enhance long-term relationships and provide insights comparable to top consulting firms, initially offered free of charge with potential fees for ongoing projects.
PayPal has applied for a banking license in the United States, signaling its intention to expand into traditional banking services and enhance its financial offerings.
PayPal has applied to establish PayPal Bank, a Utah-chartered industrial loan company, to enhance its financial services for U.S. small businesses by offering more efficient lending solutions and interest-bearing savings accounts, aiming to reduce reliance on third parties and support small business growth.
Goldman Sachs promoted 638 employees to managing director, about 5% more than in 2023, with over 70% from revenue-generating divisions, reflecting a strong year for dealmaking and trading. The new class includes 27% women, with diversity statistics also provided, and the promotions are part of Goldman Sachs' biennial leadership advancement process.
Bonuses in the financial sector are expected to rise significantly this year, with equity traders and investment bankers seeing the largest increases in a decade, driven by higher revenues and increased demand for talent, while Goldman Sachs partners emphasize a focus on talent and people. Meanwhile, notable transactions and personnel changes highlight ongoing shifts in the industry.
Airwallex, a Singapore-based fintech company, has surpassed $1 billion in annualized revenue with a 90% YoY growth, expanding its product offerings and global presence, especially in North America and Europe, positioning itself as a competitor to Stripe and Ramp in cross-border payments, business banking, and spend management.
South Africa's outsourcing sector, especially in financial services, has become a significant economic contributor, creating thousands of jobs and offering lucrative opportunities for young professionals, despite challenges like education quality and regional disparities. The industry is expected to continue growing, with potential expansion across Africa, providing hope and economic upliftment for many South Africans.
Global investors are pouring approximately $15 billion into Indian banks this year, driven by the country's rapid economic growth, digital adoption, and stable regulatory environment, despite US credit jitters and trade tensions. Major deals include Emirates NBD's $3 billion investment in RBL Bank and IHC's $1 billion stake in a shadow bank, highlighting India's appeal as a lucrative market for foreign banks and investors. However, success in building profitable retail franchises remains uncertain due to intense local competition and past sector challenges.
EY's revenue has increased, driven by growth in AI consulting services which offset a slowdown in traditional deal work, highlighting a shift in the company's focus towards technology-driven consulting.
Goldman Sachs plans additional job cuts this year to enhance cost savings and leverage AI for operational efficiency, aiming for a limited reduction in roles while still increasing overall headcount by year's end, as part of its long-term AI integration strategy.
Doug Lebda, founder and CEO of LendingTree, died in an ATV accident at age 55. He founded the company in 1996 to simplify loan shopping, which became a major online financial marketplace. Leadership will transition to COO Scott Peyree, with Lebda's legacy recognized for transforming financial services. Lebda is survived by his wife and three daughters.
Douglas Lebda, founder and CEO of LendingTree, died in an ATV accident at age 55. He founded the company in 1996, led it through its IPO, and was a key figure in the financial services industry. Scott Peyree has been appointed interim CEO. Lebda is survived by his wife and three daughters from a previous marriage.
LendingTree's founder, chairman, and CEO Doug Lebda, tragically died in an all-terrain vehicle accident, prompting immediate leadership changes with Scott Peyree becoming CEO and Steve Ozonian taking over as chairman. The company and board expressed deep condolences and committed to continuing Lebda's legacy of innovation and consumer empowerment.