Wall Street

A New Era for Wall Street: AI May Cost 200,000 Jobs

A New Era for Wall Street: AI May Cost 200,000 Jobs

Following years of modernising their IT systems to streamline operations and reduce costs after the financial crisis, banks have increasingly turned to the latest AI tools to enhance productivity further. This may result in banks reducing the workforce by at least 3%. Bloomberg Intelligence, in its latest report, mentioned that Global banks may end up…

Trump Presidency Brings Stock Market to New Heights

Trump Presidency Brings Stock Market to New Heights

The results of the 2024 Presidential elections came out, and Trump won with a substantial vote share over Democratic candidate Kamala Harris. Since the results, the U.S. stock market has surged and reached all-time high records. Not just U.S. markets but markets around the world also saw a surge. Moreover, after the results, Bitcoin shot…

Fed’s Rate Cut Effect: Stock Market Surge to New High

Fed’s Rate Cut Effect: Stock Market Surge to New High

On Wednesday, the US Federal Reserve cut its interest rate by 0.5%, marking the biggest rate cut in the last four years. This decision’s ripple effect was seen worldwide as the Asian market also witnessed a surge. Similarly, the rate cuts have also affected the US stock market. Wall Street reached its all-time high after…

Morgan Stanley Promotes Jeff McMillan As A Head Of AI

Morgan Stanley Promotes Jeff McMillan As A Head Of AI

According to a CNBC report, Morgan Stanley, a global financial services firm, has promoted a tech executive in its wealth management division to become the bank’s first head of firm-wide Artificial Intelligence. The firm is promoting Jeff McMillan, a veteran of a New York-based Bank, to aid in implementing AI across its functions, per the…