NCR Corp. has raised $53,800 to help earthquake victims in China, Lorraine Russell, an NCR spokesperson, tells ATM&Debit News, a CardLine sister publication. NCR employees in China raised $23,800, and company employees in Japan raised another $5,000. The NCR Foundation, which is based in Dayton, Ohio, more than matched the employees' donations. NCR, the world's largest ATM manufacturer based on 2007 shipments, operates an ATM-manufacturing plant in Beijing. The earthquake, which struck May 12, killed 69,000 individuals, according to news reports. Nearly 19,000 are missing. NCR also is working with several banks, including Agricultural Bank of China in Sichuan Province, where the earthquake occurred. The disaster destroyed 65 of Agricultural Bank of China's ATMs. NCR employees are discussing with Agricultural Bank employees deployment of mobile ATMs and cash-recycling systems to replace the destroyed machines, Russell says. "China is a cash society, and by keeping cash circulation it helps restore normalcy," she says.
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The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.
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Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.
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Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
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Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.
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Leaders from Wells Fargo, JPMorganChase and more talked about how banks can respond to the fast-moving changes in money movement, new forms of artificial intelligence, fraud, digital assets and more.
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The payments company posted strong adjusted earnings following a dramatic downsizing, which management attributed to the influence of artificial intelligence.
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