CHICAGO Zurich Scudder Investments Inc. has hired two executives for its subsidiary Scudder Private Investment Counsel, which manages money for high-net-worth individuals.
The Chicago division of Zurich Financial Services Group announced May 21 the hiring of Andrew Bresnahan, formerly of Fidelity Investments, and Steven Williams, most recently of Scudder Weisel capital, a now defunct investment venture sponsored by Zurich Scudder and Thomas Weisel Partners Inc.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
