International Business Machines Corp said on Wednesday that it has built financi...
FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri
“By setting a standard that addresses the concern of hosting highly confidential information, we aim to drive the public cloud to a safety level that is unmatched,” said Cathy Bessant, chief operations and technology officer of Bank of America. Streamlining those operations has saved $2 billion annually, Chief Executive Brian Moynihan said on an earnings call last month. However, the bank still relies on cloud services from external vendors since third parties can usually offer the service 23%-30% cheaper, he said.
Investing in cloud computing is key for banks as more transactions become digital. It is critical that the platform can transfer information quickly, keep data private, and prevent service outages.
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Bank of America bumps up minimum wage to $20 an hourBank of America Corp. said Monday it is raising the U.S. minimum wage for hourly employees to $20 from $17, by the end of the first quarter of 2020. Since 2010, the bank has now increased its minimum wage by more than $8 an hour. "As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day," said Chief Human Resources Officer Sheri Bronstein. The stock rallied 1.4% in premarket trading. It has run up 29.1% year to date through Friday, while the SPDR Financial Select Sector ETF has advanced 22.3% and the Dow Jones Industrial Average has gained 17.2%.
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Bank of America to hike minimum wage for all employees to $20 per hour a year ahead of scheduleBank of America will its minimum wage to $20 an hour early next year, instead of 2021 as originally expected.
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Dawn Of The Neobank: The Fintechs Trying To Kill The Corner BankPretty much anyone with half a million bucks and a high-speed connection can start a bank these days. Dozens of digital banks are already open for business—and VCs are betting billions that they’ll replace your corner branch.
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Dawn Of The Neobank: The Fintechs Trying To Kill The Corner BankPretty much anyone with half a million bucks and a high-speed connection can start a bank these days. Dozens of digital banks are already open for business—and VCs are betting billions that they’ll replace your corner branch.
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Dawn Of The Neobank: The Fintechs Trying To Kill The Corner BankPretty much anyone with half a million bucks and a high-speed connection can start a bank these days. Dozens of digital banks are already open for business—and VCs are betting billions that they’ll replace your corner branch.
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