• Financial Management

    Wealth Management Firms Address Systemic Racism

    With over 1,800 attendees, panelists representing the wealth management industry addressed systemic racism and its consequences for Black investors at the inaugural Black Wealth Summit, a three-day virtual event. Participants included speakers from Morgan Stanley, Raymond James, Charles Schwab, JPMorgan Chase and Bank of America, all of which addressed cultural and systemic factors they saw as obstacles to the generation of wealth by Black Americans, particularly intergenerational wealth.  Between sessions on Black wealth creation, event planners layered fireside chats on entrepreneurship, workshops on social media and education around behavioral finance alongside virtual networking opportunities. The event, which concludes on Friday,  

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  • Financial Management

    The Coast Guard prepares for a new financial management system

    Best listening experience is on Chrome, Firefox or Safari. Subscribe to Federal Drive’s daily audio interviews on Apple Podcasts or PodcastOne. It’s not easy for a federal agency to cut over to a new financial management system. But that’s what the Coast Guard is about to do. Coasties are about halfway through the cutover period, with Nov. 17 as the date for completion. For how it’s all going, Federal Drive with Tom Temin turned to the assistant commandant for resources and the chief financial officer, Rear Admiral Mark Fedor. Tom Temin: Commodore Fedor, good to have you on. Rear  

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  • Financial Management

    Great Resignation may lead employers to offer financial wellness perks

    Pekic | E+ | Getty Images American workers are financially stressed and employers are starting to listen. Whether it is a response to the Covid-19 pandemic, the threat of losing employees during the Great Resignation or something else that has long been brewing, there has been an uptick in financial wellness benefits being offered by companies, recent surveys have found. This year, 46% of employers in Bank of America’s Workplace Benefits Report said they are offering the programs, compared to 40% in 2020. The financial firm surveyed a national sample of 1,363 full-time employees. Meanwhile, a survey by the Society  

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  • Financial Management

    U.S. banks see wealth management boom on borrowing, new assets

    NEW YORK, Oct 15 (Reuters) – Big U.S. banks’ wealth management businesses put in another stellar performance in the third quarter, buoyed by record levels of new money flowing into accounts and surging demand from clients to borrow against their investment portfolios. Morgan Stanley Inc (MS.N), JPMorgan Chase & Co (JPM.N), Bank of America Corp(BAC.N)and Goldman Sachs Group Inc.(GS.N) each reported double-digit growth in wealth management loan balances and revenues this week. While the COVID-19 pandemic devastated large chunks of the economy and put millions out of work, extraordinary government measures aimed at mitigating the economic blow have also boosted  

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  • Financial Management

    UBS Creates Artificial Intelligence Team in Effort to Digitize

    (Bloomberg) — UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence and data analytics to drive the bank’s digitization.  The new team called AI, Data and Analytics, will be lead by the head of the investment bank Rob Karofsky and chief digital and information officer Mike Dargan, according to a memo Hamers sent to employees on Tuesday and seen by Bloomberg. Its contents were confirmed by a spokeswoman.  The AI and analytics team will be responsible for managing data, establishing best practice, and avoiding duplication of data analysis efforts across  

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