ZURICH The Swiss insurer Zurich Financial Services will outsource its information technology systems development in the United Kingdom to IBM Global Services.
The ten-year agreement is projected to save $21.9 million a year.
IBM will set up a jointly staffed advanced information technology solutions center to give Zurich Financial Services access to specialized technical expertise.
Zurich Financial is expected to transfer about 800 of its systems development employees to IBM.
Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue at the expense of regional bank independence.
Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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