Technology and management consultancy Capco is collaborating with OpenAI, the maker of ChatGPT, and the effort is intended to combine OpenAI’s innovations with Capco’s financial services domain expertise, officials say. ChatGPT is a chatbot based upon generative artificial intelligence (A.I.) technology known as the GPT-4o large language model (LLM), officials say. Like all chatbots, ChatGPT… Read More >>
Wipro Buys Capco for $1.45 Billion
Acquisition Expected to Close by June 30 The London-based Capco, a financial services and technology consultancy, will become part of Wipro Ltd., the Bangalore-based global IT and services provider as a result of a $1.45 billion acquisition. The agreement will enable Wipro to offer “digital, consulting and technology services to financial institutions in the Americas,… Read More >>
Citi Combines Two Wealth Management Groups into One
‘Citi Global Wealth’ Launches Citi officials report that they have spliced together the bank’s Global Consumer Banking (GCB) and the Institutional Clients Group (ICG) and formed a “unified wealth management organization” dubbed Citi Global Wealth, that will yield one streamlined, integrated platform to serve clients ranging from those in affluent segments to ultra-high net worth… Read More >>
Blockchain Project Tests Post-Trade Ops for Swaps
Barclays, Citi, Credit Suisse and JPMorgan with the help of Axoni and other vendors have been successfully testing since June post-trade processes based on blockchain/distributed ledger technologies and smart contracts that support over-the-counter (OTC) equity swaps. “Industry collaboration is key in driving blockchain innovation and Barclays is keen to remain at the forefront of this,”… Read More >>
Politics Can Kill a Move to the Utility Model
Internal political battles at securities firms can prevent them from considering cost-effective utility models for key operations, say officials at financial services consultancy Capco, which just released a global survey of banking executives’ reactions to utilities. Overall, Capco officials say that the survey finds that firms are “failing to take full advantage of the utilities… Read More >>
FIS Gets a Catapult via SunGard Acquisition
Banking and payments technology vendor FIS has completed its $9.3 billion acquisition of SunGard, marking a new chapter for the technology and services giant with many operations offerings for securities firms. The acquisition “uniquely positions [FIS] to offer a broad range of retail, enterprise and wholesale banking and payments capabilities that will further empower the… Read More >>
Firms Warned to Keep MiFID II Momentum Going Despite Delays
Market participants should use any delay in the implementation of the revised Markets in Financial Instruments Directive (MiFID II) to develop a more strategic approach to compliance with the regulatory reforms, say industry observers. Firms should keep up the momentum as it’s unclear whether politics will play in the industry’s favor and add more time… Read More >>
Barclays Exec Joins Capco’s UK Team
Business and technology consultancy Capco has appointed Jonathan Rose, a former Barclays executive, as a partner for its UK team. Rose has previously worked as a managing director, chief operating officer (COO) and chief investment officer (CIO) at Barclays bank, according to Capco’s statement. At Barclays, Rose’s managed IT service delivery, transformation, management and strategy… Read More >>
Average 2013 Wall Street Bonus Up 15%; Chilton Leaves CFTC
DiNapoli Report: Average Wall Street Bonus Up 15% in 2013 The average bonus paid to securities industry employees in New York City grew by 15 percent in 2013, to an estimated $164,530, according to a recent report from New York State Comptroller Thomas P. DiNapoli. That would make it the largest average bonus since the… Read More >>
SEC Gets New Head of Trading and Markets as Compliance Science Appoints Chief of Product Strategy
SEC Names Head of Trading and Markets Division The SEC has named Stephen Luparello, a former FINRA vice chairman, as director of its division of trading and markets, replacing John Ramsay, the acting director who is leaving this month after three and a half years of service, SEC officials say. Ramsay, who was appointed deputy… Read More >>
