Finance & Money Edge

Your Next In-House Legal Assistant Could Be an AI Agent

AI Your Next In-House Legal Assistant Could Be an AI Agent LexisNexis, the legal information provider, introduced Protégé, a new AI-powered legal assistant designed to help lawyers with tasks like drafting documents and managing workflows. Protégé is an AI-agent that can work independently to create various legal documents and suggest next steps, while also reviewing […]

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Macy’s Accountant Hid $154M in Delivery Expenses

COMPLIANCE Macy’s Accountant Hid $154M in Delivery Expenses If you’re an accountant and you ask your boss for raise next time, bring up this case study and tell your boss be glad you didn’t do this: an accountant at department store Macy’s managed to hide $154M erroneously reported as “delivery expenses”. Investigation is on-going… M&A

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US Court Rejects SEC’s Proposed Rule for Treasury Dealers

COMPLIANCE US Court Rejects SEC’s Proposed Rule for Treasury Dealers A federal judge in Texas invalidated a U.S. Securities and Exchange Commission (SEC) rule that required certain traders in the Treasury market to register as broker-dealers, stating the rule exceeded the SEC’s authority. This decision, marked the third SEC regulation overturned in a year. The

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TD Bank Smacked with Penalties for Money Laundering Failures

COMPLIANCE TD Bank Smacked with Penalties for Money Laundering Failures The Canadian banking giant is facing massive penalties in the US for failures in its money laundering compliance. TD Bank faces fines of $3 billion, growth limits to their US operations in the form of asset caps within the U.S. market. The penalties are similar

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CIBC Slapped with Fine from US Regulators

COMPLIANCE CIBC Slapped with Fine from US Regulators The Canadian bank is facing a total fine of US$42M due to poor record-keeping and using inappropriate communication methods (e.g. text messaging). The fines are imposed by U.S. regulators: Securities and Exchange Commission (SEC) and The Commodity Futures Trading Commission (CFTC). COMPLIANCE DOJ Cracks Down on Visa

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Oracle’s Netsuite Adds New AI Tools for Financial Security

AI IN FINANCE Oracle’s Netsuite Adds New AI Tools for Financial Security Oracle’s Netsuite, its cloud-based management system, announced some fancy new AI tools, including the ability to detect anomalies in your financial data to alert you to potential problems before it escalates to something bigger. Also added is the ability to interact with our

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Goldman Sachs Sees Economic Boon with a Harris Win

MARKETS Goldman Sachs Sees Economic Boon with a Harris Win As the battle between Trump and Harris nears in November, Goldman Sachs predicts better economic growth from a Kamala Harris win. MARKETS Foreign Investors Exit Asian Tech Equities August saw large outflow from Asian Tech equities from overseas investors as investors finding valuations too rich

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Using Office 365 for your financial models? There’s a bug you need to address NOW

PRIVATE BANKING Deutsche Private Bank Cuts External Consultants Spending The German bank is cutting its spending on external consultants by 70%(!). The private bank’s head, Claudio de Sanctis, says: “We need to bring our expert knowledge . . . to fix our recurring problems ourselves”. Adding that the lower budget for spending on consultants will be here to stay.

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TD Bank Beats Earnings Forecast Amidst Money Laundering Turmoil

MARKETS The Bond King Has Spoken, He Forecasts… Jeff Gundlach, the CEO of investment management company DoubleLine Capital, aka the Bond King, forecasts a recession for the U.S. this year. BANKING TD Bank Beats Earnings Forecast Amidst Money Laundering Turmoil Canada’s second-largest lender, TD Bank, beat earnings forecasts last quarter despite being mired in a

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The Most Powerful Fraud Tool at Your Fingertips Is…

MARKETS Bank Indonesia Raises Rates in Support of Rupiah The strong US dollar triggered Bank Indonesia (Indonesia’s Central Bank) to raise rates by 25 bps, the first time in six months, to support the Rupiah. The rate increase took many analysts by surprise. CRYPTO Binance Faces Lawsuit from Ontario Due to tight regulations in Canada,

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NYCB Shares Tumble Due to Internal Control Problems

RISK MANAGEMENT NYCB Shares Tumble Due to Internal Control Problems New York Community Bancorp (NYCB) shares tumbled 25% upon disclosures of problems with internal controls & risk management. Also, leading to leadership change effective immediately, the executive chairman, Alessandro DiNello, will take over as President and CEO. BANKING JP Morgan Partners with HSBC and StanChart

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In-House Counsels from Top Firms Experiment with Generative AI

M&A Capital One Merges with Discover Capital One announced last week plans to acquire Discover Financial Services to be one of the industry’s largest mergers in recent history. Experts say this merger will help Capital One create a more closed-loop environment, similar to what American Express has achieved, giving insights into customer purchase behaviours. IPO

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Ex-Qatari Finance Minister Convicted of Laundering

ECONOMY Germany’s Economy Showing Cracks Since the end of World War II, Germany has been an economic powerhouse for Europe, but cracks are showing in how competitive Germany really is in today’s economy. Last year, Germany’s economy contracted by 0.3% and is seeing competition to its auto manufacturing dominance and hasn’t kept up with technology

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