Bank of America’s CEO says that it’s saved $2 billion per year by ignoring Amazon or Microsoft and building its own cloud instead

Brian Moynihan, Bank of America's CEO, highlighted the firm's decision to move to a private cloud on its third-quarter earnings call.

October 18, 2019   |   View Online »

Bank of America's CEO says that it's saved $2 billion per year by ignoring Amazon or Microsoft and building its own cloud instead Alex Morrell,Dan DeFrancesco | Brian Moynihan, Bank of America's CEO, highlighted the firm's decision to move to a private cloud on its third-quarter earnings call. Read More »

Merrill Lynch is shifting how it handles staff who drop out of its financial-adviser trainee program, and it highlights the industry's evolving career paths Rebecca Ungarino | Financial-advisers-in-training there who exit the program are increasingly staying with the company in different roles instead of leaving altogether. Read More »

Chime, one of the hottest digital banks taking on Wall Street, faced outages that could see it lose customers. It highlights how competitive digital banking has become. Shannen Balogh,Dan DeFrancesco | Challenger bank Chime experienced an outage that locks customers out of their accounts and didn't allow them to make purchases. Read More »

GOLDMAN SACHS: These 5 trades can help investors make a killing during a crucial earnings season Marley Jay | Goldman Sachs says it's found five attractively priced options trades investors can use to beat the market during a turbulent earnings season. Read More »

Nobel laureate Robert Shiller wrote the textbook on the 2 worst bubbles in recent history. Now he tells us his best advice for avoiding the next big one. Akin Oyedele | Shiller told us what he learned from bitcoin's crash and how it is a cautionary tale for investors who are jumping on trendy assets. Read More »

The Kabbalah Connection: Insiders say a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse Becky Peterson,Meghan Morris | WeWork's Adam and Rebekah Neumann mixed business and spirituality from Kabbalah Centre, a religious organization known for high-pressure tactics. Read More »

Check out the pitch deck a 19-year-old founder used to raise $3.2 million in seed funding from legendary investors Sequoia Capital Callum Burroughs | "Having great investors around you is a real comfort blanket and means we have the support to build out our engineering team in Dublin." Read More »

WeWork says it has 527,000 'memberships,' but that's not as straightforward as it seems Julie Bort | WeWork gets paid based on the head count it assigns to a space, not the actual number of people filling it. Read More »

Buzzy startup VidMob grew by making social video for brands, and now it's starting to do the same for agencies Patrick Coffee | VidMob says it helps turn ads into dozens of clips fit for social media. Now the startup seemingly designed to take down agencies signed with one. Read More »

BANK OF AMERICA: One of the most trusted defenses against stock-market crashes is on the brink of its demise. Here's where to start finding alternatives. Akin Oyedele | The traditional 60-40 portfolio that is used as a benchmark for diversification "will not survive the 2020s," the bank's strategists said. Read More »

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