Wells Fargo & Co. earlier this week added two functions to its browser-based commercial mobile-banking service. The service, CEO Mobile, now features wire-transfer services and image positive pay, which enables users to view check images. The San Francisco-based bank added the services because customers requested them, says Megan Minich, a senior vice president who leads the CEO Channel team for the Wholesale Internet and Treasury Solutions group. CEO Mobile, which the company launched in April 2007, supports account-activity and balance monitoring. Wells plans to offer additional services, Minich says. "We continue to look at services on our [online] CEO platform that we think would be valuable to a mobile worker," she says.
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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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The Securities and Exchange Commission initially offered $179.5 million to Michael Bacon, who provided key information to the government about Wells Fargo's fake-accounts scandal. But shortly after SEC Commissioner Paul Atkins took office, the amount was sharply reduced.
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Bankers and tech executives at SAS' annual conference said agentic AI is still in the "terrible twos" stage and requires human supervision.
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Employers hired an additional 115,000 workers in April, while unemployment remained unchanged at 4.3%. Despite the positive headline figure, a spike in newly unemployed workers and a rising number of underemployed workers suggests instability under the surface.
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