AI in FINANCE
JP Morgan Offers Free AI Cash Management Tool
JP Morgan has developed an AI-powered cash flow management tool, named Cash Flow Intelligence, that helps corporate treasury departments analyze and forecast cash flows.
This AI tool can help treasury departments cut manual work by up to 90%.
The key thing to note is they’re offering this tool for FREE to clients but may consider charging for this tool in the future.
BANKING
US Bank Profits Drop in Q4
US banks posted a drop of 44% in profits for the recent Q4. The drop is mainly due to larger banks having to pay massive fees to make up for several bank failures. These non-recurring fees are charged to help replenish the deposit insurance fund held by the FDIC.
COMPLIANCE
BIS Cracks Down on Banks Trying to Game the Rules
The Bank for International Settlements (BIS) is cracking down on banks who try to “game” the system to get around the capital requirements the bank is required to hold.
The “hack” used is to make derivative positions appear smaller temporarily smaller than they really are, thus lowering the bank’s capital requirements.
The BIS is saying “no mas” to this.
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