At JPMorgan Chase, getting trained in artificial intelligence is now part of being hired.The banking giant is having all new hires undergo artificial intelligence (AI) training, Mary Erdoes, who runs the firm’s asset- and wealth-management unit, said Monday (May 20).“This year, everyone coming in here will have prompt engineering training to get them ready for the AI of the future,” said Erdoes, whose comments at JPMorgan’s investor day were reported by Bloomberg News.She said AI is helping her unit in two ...

Imagine being able to control your iPhone not with your hand, but with your eyes.Apple says that scenario could soon be a reality, part of a series of tools for users with physical disabilities announced Wednesday (May 15).“Each year, we break new ground when it comes to accessibility,” Sarah Herrlinger, Apple’s senior director of global accessibility policy and initiatives, said in a news release.“These new features will make an impact in the lives of a wide range of users, providing new ways to communicat ...

Citi has reportedly announced in an internal memo the departure of two executives, including one who implemented the bank’s recently completed restructuring.Titi Cole, who was the head of legacy franchises and executed Citi’s plan to sell consumer banking businesses in nine non-core markets, has left to take a role at nonprofit, Reuters reported Tuesday (May 14), citing an internal memo it had seen.In addition, Mike Whitaker, head of the bank’s operations and technology team, is leaving the bank, according ...

Core Insights - Verizon Communications is betting on artificial intelligence (AI) as a major growth driver, expecting AI demand to surpass video traffic in the near future [1][2] - The company aims to double its network capacity over the next five years to accommodate the increased data transmission needs driven by AI [1] - AI is anticipated to transform various operational aspects within Verizon, enhancing efficiency and customer service [1][3] AI Integration and Customer Service - Verizon has integrated AI software from Google into its customer service operations, empowering 40,000 customer relations agents [2] - The AI tool monitors calls for human sentiment and tone, allowing supervisors to intervene when customers show frustration [2] - Routine processes such as bill inquiries and payment details will be automated, enabling agents to focus on more complex customer needs [2] Infrastructure and Strategic Positioning - The company has strategically positioned its infrastructure to handle the expected surge in AI-related traffic, investing in spectrum acquisition [3] - During a recent earnings call, Verizon's CEO emphasized the need to create an AI-centric revenue stream through mobile edge computing capabilities [3] - The CEO highlighted generative AI workloads as a significant long-term opportunity, aiming to enhance network performance and organizational efficiency [3]

Core Insights - Meta Platforms will phase out its Workplace collaboration tool over the next two years, ceasing operations on August 31, 2025, while users can access their data until May 31, 2026 [1] - The decision to discontinue Workplace is part of Meta's strategy to focus on AI and metaverse technologies, which the company believes will transform work dynamics [1] - Workplace was launched in late 2016 to compete in the office collaboration market, achieving 7 million subscribers by May 2021, a growth of over 40% year-on-year [2] Company Strategy - Meta is transitioning Workplace customers to Zoom's Workvivo product, its only preferred migration partner [1] - The company emphasizes the importance of creating positive employee experiences in remote and hybrid work environments, which has driven the growth of Workplace [2] - During a recent earnings call, CEO Mark Zuckerberg highlighted that AI and the metaverse are central to Meta's future direction [2][3] Product Development - Meta is developing various AI services, including an AI assistant, augmented reality applications, and business APIs aimed at enhancing community engagement [3]

Apple’s App Store blocked over $7 billion in fraudulent activity from 2020 through 2023.It also stopped more than $1.8 billion in fraudulent transactions in 2023 alone, Apple said in a Tuesday (May 14) press release.To combat fraud, Apple has dedicated teams that monitor and investigate fraudulent activity daily, according to the release. These teams use tools and technologies to identify and remove bad actors from the platform.As a result, from 2020 to 2023, over 14 million stolen credit cards and more tha ...

Amazon’s all-important cloud computing division has a new leader.Adam Selpiski, who has headed Amazon Web Services (AWS) since 2021, is setting down from that position in June, Amazon CEO Andy Jassy said in a message to staff Tuesday (May 14). Taking his place will be Matt Garman, head of the division’s sales and marketing operations.Jassy said that when he approached Selpiski to lead the division, it was with the understanding that it would be only for a few years.“He took over in the middle of the pandemi ...

Amid Alibaba’s declining profits, the eCommerce giant is seeing its online shoppers’ spending habits depend heavily on how trustworthy they feel the platform is.On a call with analysts Tuesday (May 17) discussing the Chinese multinational technology company’s most recent quarterly earnings report, CEO Eddie Wu spoke to how efforts to instill confidence in shoppers are paying off.“Our investments in … elevating the user experience have received positive consumer feedback,” Wu said. “We’ve seen tangible resul ...

Worldline has partnered with Visa to launch a virtual card issuing solution focused on the online travel agency (OTA) market.With access to this dedicated B2B virtual card program, OTAs will be able to pay suppliers more quickly and securely, the companies said in a Tuesday (May 14) press release.“[This partnership] will transform the way online travel agencies handle payments by offering a unified solution that combines payment performance and cost effectiveness,” Guillaume Tournand, vice president of grow ...

Group 1 - BNP Paribas CEO Jean-Laurent Bonnafé expressed skepticism about the revival of mergers and acquisitions (M&A) activity in European banking due to economic challenges [1][2] - Bonnafé highlighted that the economics of cross-border deals rarely make sense, particularly for non-domestic players, despite calls for consolidation from figures like French President Emmanuel Macron [2][4] - He pointed out that cross-border banking deals face hurdles such as differing regulations, labor laws, and the lack of a euro zone-wide deposit insurance scheme, which significantly reduce potential cost synergies compared to domestic deals [3][4] Group 2 - European regulators have long advocated for more consolidation in the banking sector to enhance financial stability, a sentiment echoed by Macron [4] - Bonnafé noted that even domestic banking deals encounter challenges, including the need for buyers to pay a premium and increased supervision for larger banks [4] - UBS CEO Sergio Ermotti stated that achieving European consolidation would be difficult without a banking union and a proper framework [5] Group 3 - BBVA's hostile takeover bid for Sabadell follows the rejection of an earlier merger proposal, with BBVA claiming the offer is generous [6] - The UBS acquisition of Credit Suisse in March 2023 occurred after a period of uncertainty in the banking sector, where Credit Suisse's shares lost a quarter of their value [7]