Citigroup says female and minority employees make 99% of what male and nonminority employees make, and the bank is giving raises this year to close the gap. The bank studied salaries of about 75,000 employees in the US, the UK and Germany.
James Zdralek, an executive at software company SAP, is exploring the concept of reshaping central banks' operations through cryptocurrencies. Zdralek proposes merging modern financial instruments with cryptocurrencies, but doing so could threaten central banks' monetary control.
Citigroup has analyzed its pay structure and found that US minorities earn 99% of what non-minorities make and that women in its US, UK and German workforces make 99% of what men make; the company says it will give raises to close the gaps. Arjuna Capital, which made the analysis request, plans to make the same request of JPMorgan Chase, Wells Fargo, Bank of America, Bank of New York Mellon, American Express, Mastercard, Reinsurance Group of America and Progressive.
Bank of America has applied for or received at least 43 patents for blockchain technologies, the most of any bank or tech company, according to New York law firm Envision IP. IBM and Mastercard are second on the list with 27 each.
Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, and Sen. Bob Corker, R-Tenn., who sits on the Senate banking committee, are among Republican lawmakers retiring this year. The retirement of Sen. Orrin Hatch, R-Utah, might move Sen. Mike Crapo, R-Idaho, chairman of the Senate banking committee, to a different panel.
A Capgemini study finds 76% of financial institutions have established IT positions during the past two years, but companies report difficulty finding talent. Companies most want a consultant for information security or privacy, a chief digital officer or a chief digital information officer, and a data architect.
The House Subcommittee on Monetary Policy and Trade has discussed proposals to overhaul the Federal Reserve. Topics include the way regional presidents are appointed and a blackout period for public communication by the Federal Open Market Committee.
Business cards aren't always the best networking tool, writes branding and digital-marketing expert Chris Skaggs. He suggests using a cellphone to take someone's details or adding someone on LinkedIn or another social media platform.
Bank of America customers made almost 68 million transactions last year through payment platform Zelle, up 84% compared with 2016. Zelle has almost 3 million active users from BofA, which says thousands more come on board daily.
Executives with JPMorgan Chase and Wells Fargo expect the banks to see significant benefits from the tax bill passed last year. The bill reduced the corporate tax rate.
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